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Economy in China

  • UNDP chief: BRICS sends promising signal

    CHINA, 2017/09/04 Achim Steiner, United Nations Development Program (UNDP) Administrator told Xinhua here Wednesday that the BRICS nations together are sending a promising signal to the world in peace and development. Steiner said "I hope that through the BRICS summit, to be held next week in China's harbor city of Xiamen, these emerging economy nations could play their role in conference the large challenges humanity is facing." He said that the economic transformation in the completed decades have elevated these nations not only in economic term, but as well provided them a platform to influence the outcomes of world significance.
  • China's economy steadies on slower growth, better structure

    CHINA, 2017/08/15 Fresh data added to evidence that China's economy was heading for a slower but steadier increase as the country endeavored to sustain sound development while defusing risks. Next a strong rebound in the initial two quarters, data released Monday by the National Bureau of Statistics (NBS) showed increase of factory output, investment and consumption all slowed a notch from the previous month.
  • Africa: G20 Should Build Digital Economy Friendly to Growth, Jobs - Xi

    CHINA, 2017/07/10 Chinese President Xi Jinping says the Group of 20 (G20) members should build a digital economy that is friendly to increase and employment. He made the remarks while attending the two-day G20 summit in the German port city of Hamburg. "We should actively adapt ourselves to digital evolution, foster new economic drives, advance structural reforms and promote integrated development of digital and real economy," said President Xi.
  • Indian economic diplomacy in the Belt and Road era

    CHINA, 2017/07/10 In May 2017, India curtly and publicly declined to attend Chinese President Xi Jinping’s Belt and Road Forum (BRF) in Beijing. India’s snub was both uncharacteristic and controversial, although not unexpected. On 13 May 2017, a day before the BRF plenary, a spokesperson for the Indian Ministry of External Affairs (MEA) provided a formal explanation for India’s absence from the forum. From the statement it seems clear that there is a wide gap between the Belt and Road Initiative (BRI) as it was understood by a lot of participants at the BRF, and as interpreted by India’s MEA and much of India’s policy elite.
  • Shanghai's GDP up 6.8 percent in Q1

    CHINA, 2017/06/20   SHANGHAI'S economy was off to a better-than-expected start with gross domestic product expanding 6.8 % from a year before to 692.28 billion yuan (US$100.39 billion) in the initial quarter, Shanghai Statistics Bureau said today. The pace was 0.1 % point faster than the same period of last year but 0.1 % point slower than the national average. "The city's economy grew steadily in the initial three months of this year, mainly fuelled by notable recovery in industrial output, robust domestic request inclunding improved export," said Ruan Qin, deputy director of Shanghai Development and Reform Commission.
  • Central SOEs do Belt and Road projects

    CHINA, 2017/06/20 NEARLY half of China’s centrally administered national-owned enterprises have participated in the Belt and Road initiative since it was launched in 2014, said Xiao Yaqing, chief of the National-owned Assets Supervision and Government Commission. Since the initiative was launched three years ago, 47 of the 102 central SOEs have invested in or built 1,676 projects in the nations and regions along the Belt and Road, Xiao said yesterday.
  • Corporate costs to be further reduced

    CHINA, 2017/06/20 CHINA’S National Council yesterday announced further measures to reduce corporate burden and vowed additional support for the country’s “Made in China 2025” plan. China plans to cut annual corporate costs by 120 billion yuan (US$17.4 billion) through measures such as lowering logistics costs and cutting business fees, according to a statement released following the National Council conference presided by Premier Li Keqiang.
  • China’s drive to cut overcapacity advancing well

    CHINA, 2017/06/20 CHINA’S top economic planner announced yesterday that the country’s drive to cut overcapacity in steel and coal has progressed well. As of the end of May, 42.39 million tons of crude steel capacity and 97 million tons of coal capacity had been cut, accounting for 84.8 % and 65 % of the annual goals, respectively, said the National Development and Reform Commission. China will phase out about 50 million tons of crude steel capacity and over 150 million tons of coal capacity this year, according to the NDRC. By the end of June, all facilities producing inferior-quality steel bars will be dismantled, the NDRC said in May.
  • China’s economy loses momentum as policymakers clamp down on debt risks

    CHINA, 2017/06/02 China’s increase took a step back in April next a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on deficit risks in an effort to stave off a potentially damaging hit to the economy. Waking up to the systemic threat posed by cheap credit-fuelled stimulus since the 2008-9 world financial crisis, Beijing has continued to tighten the screws on speculative financing over the completed several months. Data on Monday highlighted the broad economic impact of these regulatory curbs, with below-estimate factory output in April and fixed-investment asset in the initial four months of the year reinforcing evidence of a weakening manufacturing sector and slowing momentum in the world’s second-biggest economy.
  • As China’s massive population begins to spend more, the world will take notice.

    CHINA, 2017/04/10 The media is full of talk of China’s economic slowdown, as its GDP increase, in double figures for decades, presently hovers at around 6-7 % according to official figures. But while China’s economic slowdown is real, the increase of the Chinese consumer as a powerful force on the world stage shows little sign of abating and in fact will become additional pronounced someday. By 2020 there will be almost 400 million of what management consultants McKinsey call “mainstream consumers” – consumers with household incomes of $16,000 to $34,000 and therefore part of the “middle class.” It is these consumers that will shake the world. China’s government is committed to transitioning the country’s economy from an investment -led to consumption-led. Beijing knows that the sources from which it has completed such impressive increase in the last few decades – investment , cheap exports, and rural-to-urban migration – can no longer drive GDP increase as much as they once could and that it must find new sources of economic activity.