www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Latest

Navigating China's post-congress economy

Xinhua | Updated: 2017-10-21 17:57

BEIJING -?For those who gauge the growth trajectory of China's economy over the next five years, meaningful hints could be found at the ongoing twice-a-decade Communist Party congress.

When outlining the development objectives for the next five years in his report to the 19th National Congress of the Communist Party of China (CPC), Xi Jinping said China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development.

China will not close its door to the world. It will only become more and more open, according to the report.

With China becoming a global China, that ups the ante on its connection to an increasingly integrated world and creates a new set of opportunities.

Since the 18th CPC National Congress in 2012, China's economy expanded by an average annual rate of 7.2 percent (2013 - 2016), outstripping the 2.6-percent average global growth and the 4-percent growth of developing economies.

"The economy has maintained a medium-high growth rate, making China a leader among the major economies," according to the report.

The report called it a pivotal stage for a transforming growth model, improving economic structure, and fostering new drivers of growth.

China needs a transformative leadership to move the country forward, to have the system evolve in a way that's right for a new era. That means strengthening institutions and human capital while changing the structure of the economy, said Yukon Huang, a senior fellow at Carnegie Endowment for International Peace.

Wang Xiaodong, governor of Central China's Hubei province, a delegate to the congress, was greatly encouraged by the report.

"As one of the country's old industrial bases, Hubei is at the frontline of the growth model transformation," he said.

To reduce excess steel capacity and improve market competitiveness, Wuhan Iron and Steel, a mega steel maker based in Hubei, merged with Shanghai-based Baosteel in 2016.

In 2016 alone, Hubei completed the capacity reduction goal for the next three years. However, its annual economic growth rate still beat national average.

"Economic restructuring is the only way to achieve more sustainable, balanced and high-quality growth in the next five years. We should waste no effort to achieve that," Wang said.

The report underlined the importance of boosting consumer spending as it should play a fundamental role in the national economy.

Hubei Bank Corporation Ltd, a small-sized lender in the province, has been focusing on extending consumer credit over the past years due to strong market demand.

"The growth rate of consumer credit is amazing. Although it accounts for a small share of our total lending, it will grow very fast in the future," said Zhou Yukun, Party secretary of Hubei Bank Corporation Ltd. and a delegate to the congress.

Wang Tao, chief economist with UBS China, estimated consumption will grow at an annual rate of 7 percent at least in the next two years thanks to rising incomes and demands for high-quality living.

In 2016, consumption accounted for nearly 54 percent of China's GDP. Wang estimated that by the end of 2020, the proportion will rise by 2 to 3 percentage points.

According to the report, China will implement the system of pre-establishment national treatment plus a negative list across the board. It will also significantly ease market access and protect the legitimate rights and interests of foreign investors.

Over the past decades, China has transformed from a closed to an open economy that has become the world's top exporter and second largest importer and ODI source.

Currently, as protectionism rears its head in the west, China looks to greater liberalization of trade and investment for shared prosperity.

By linking countries and regions that account for more than 60 percent of the world's population and 30 percent of global GDP, the Belt and Road Initiative is a "perfect example" of China sharing its wisdom and solutions for global growth and governance, said Robert Lawrence Kuhn, chairman of the Kuhn Foundation, an American non-governmental organization promoting China-US ties.

The IMF recently raised its forecast for China's economic growth in 2017 and 2018 to 6.8 percent and 6.5 percent respectively, both higher than the earlier forecast in July.

For an economy with a total volume of over $11 trillion, maintaining such high growth is not easy, Chinese Vice-Minister of Finance Zhu Guangyao said. The upward revision is a "strong affirmation" of the Chinese government's achievements in supply-side structural reforms by the IMF, he said.

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 日韩欧美在线视频观看 | 国产精品偷伦费观看 | aaa级精品久久久国产片 | 一本久道在线 | 美女被靠视频免费网站不需要会员 | 福利岛国深夜在线 | 亚洲伊人久久综合影院2021 | 在线人成精品免费视频 | 国产成人毛片毛片久久网 | 高清不卡一区二区三区 | 亚洲一级成人 | 国产a久久精品一区二区三区 | 永久精品免费影院在线观看网站 | 美女久草| 国产精品二区高清在线 | 欧美黄视频在线观看 | 亚洲精品线在线观看 | 免费观看欧美性一级 | 亚洲男人的天堂久久香蕉 | 欧美午夜毛片a级在线 | 亚洲国产福利精品一区二区 | 亚洲性生活视频 | 一级片 720p 一级片 mp4 一级片a | 成人三级在线播放 | 免费看美女无遮掩的软件 | 天天看夜夜操 | 国产99网站 | 国产一级一片免费播放 | 国产区精品一区二区不卡中文 | 国产精品久久久久久久免费 | 久热香蕉精品视频在线播放 | 国产视频二 | 美女视频全部免费 | 在线观看一区二区三区四区 | 中文国产成人精品久久无广告 | 亚洲 欧美 91| 国产舐足视频在线观看 | 欧美成人精品三级网站 | 一级片日韩 | 免费一级欧美在线观看视频片 | 久久青草视频 |