Chinas GDP grows 6.9% in Q2 as industrial output, consumption pick up
The Dollar Business Bureau Chinese economy witnessed a faster growth in the second quarter of this year as industrial production and consumption improved and investment continued to be strong. The economy grew 6.9% in the April-June period 2017 compared to previous year, at the similar rate during the first quarter, China’s National Bureau of Statistics said on Monday. On a quarterly basis, the growth improved to 1.7% in the second quarter from 1.3% during the first quarter this year. Strong retail sale and industrial production data supported offset of a slow start for Chinese stocks that may have been connected to the talks of stricter financial regulations. “Overall, the economy continued to show steady progress in the first half...but international instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances ...
China's economy grows 6.9% in Jan-Mar 2017
The Dollar Business Bureau The economy of China grew 6.9% in the January-March period of 2017, as per the Chinese government data, beating estimates in the recent indication of stabilisation of the second-largest economy of the world. The reading was an improvement compared to the average analyst expectations of 6.8% in a poll conducted by AFP. “The national economy in the first quarter has maintained a momentum of steady and sound development," said National Bureau of Statistics of China in a statement on Monday. The positive changes continue to emerge and the performance of key indicators is better than estimated, the Bureau added. The Chinese government has cut down its Gross Domestic Product (GDP) growth target of 2017 to about 6.5 % as the economy, ...
China pitches Make in China, key sectors to attract FDI
The Dollar Business Bureau Xi Jinping, during a session with lawyers from Shanghai at the annual Nation People's Congress (NPC) event, vowed to open up China's economy like never before. In the past few days, multiple Chinese leaders have announced policies that would fast track investment in the economy, including Premier Li Keqiang and Commerce Minister Zhong Shan. China is desperately trying to find ways to transform its export-dependent economy as the global demand for commodities slows and an uncertain vibe from the developed world's shift to protectionism pervades the world. The depleting foreign exchange reserves, which slumped below the $3 trillion mark is also of concern to the largest emerging economy. Pre-empting competition from other countries like India ...
China's fiscal revenue grows 4.5% in 2016
The Dollar Business Bureau China's fiscal revenue grew at its slowest pace in the last three years, dragged down by the introduction of value added tax and downward economic pressures in the Chinese economy. The fiscal revenue growth remained a modest 4.5% year-on-year in 2016 to 15.96 trillion yuan ($2.33 trillion), as against 8.4% in 2015 and 8.6% in 2014. The modest growth was a result of the recently-introduced value-added tax, the Chinese ministry of finance said in a statement. Even though China’s economy seemed to be stabilising in the last quarter of the previous fiscal, the growth in fixed-asset investment and industrial output remained contracted, leading to a compressed fiscal revenue growth. The Chinese central government collected 7.24 trillion yuan in fiscal revenue, up ...
China targets double-digit growth in software, IT service industry
The Dollar Business Bureau China is looking to achieve a 13% annual growth in its software and IT service industries between 2016 and 2020. On Tuesday, the government released a five-year plan for the industry, underlining that it will support the development of software and IT service companies and will encourage them to become influential and competitive industry leaders. The Ministry of Industry and Information Technology (MIIT) established a goal for 2020, that industry business revenue should exceed 8 trillion yuan (about $1.2 trillion) with average annual growth of more than 13% from 2016 to 2020. MIIT said Chinese companies should acquire leading innovative abilities and significant advantages in key technological sectors including artificial intelligence, cloud computing and big data and virtual reality, state-run Xinhua news ...
China's GDP grows 6.7% in Q3 on account of govt spending, property boom
The Dollar Business Bureau In line with the Chinese government and industry expectations, China’s economy expanded at 6.7% in the third quarter from a year earlier, as the increased government spending and real estate boom balanced out weak exports. Real estate investment growth registered a slight growth during January-September period, as it grew by 5.8% compared to 5.4% over the first eight months of the last year. Despite a significant growth, the market is wary of the sector’s future growth rate owing to real estate price surge. Several analysts earlier predicted that China’s economy was stabilizing and expanding at the same pace as it did in the first and second quarters of the current financial year and is in line with the ...
US economy appears fundamentally solid: Yellen
The Dollar Business Bureau Federal Reserve Chair Janet Yellen on Monday stressed that despite a relatively weak GDP growth rate early this year, the US economy looks fundamentally solid.“The economy has registered considerable progress over the past several years toward the Federal Reserve's goals of maximum employment and price stability, and there are good reasons to expect that we will advance further toward those goals,” Yellen said at the World Affairs Council in Philadelphia.Listing out some of the positive facets of the current US economic scenarios, Yellen said the US’s overall labour market seems to be good, with rising household income, increasing customer spending, low energy prices, controlled inflation and signs of faster wage growth.She underscored that the domestic demand continues ...
India to surpass Chinas economic growth rate in 2016: IMF
Sai Nikesh D | The Dollar Business Terming the newly formed Indian government- National Democratic Alliance’s (NDA) reforms as promising, the IMF report said that India’s growth rate is expected to grow at 6.3 per cent in 2015 and 6.5 per cent in 2016. With this increasing growth rate, India will likely cross China’s projected growth rate in 2016, the report said, insisting on the implementation of reforms as a key factor. “I think the reform plans of the new Prime Minister of India are promising. We are going to have to see the speed of the implementation,” said Gian Maria Milesi-Ferretti, Deputy Director, in IMF’s Research Department, according to the sources. Responding to a question, the IMF official ...
