WB says slow East Asia Pacific economic growth
The Dollar Busiess Bureau The World Bank on Monday trimmed economic growth prospects of developing East Asia and Pacific for the year 2016 and 2017, citing global risks such as volatile global financial markets, a mild growth in high-income economies, slowdown across developing markets, weak global trade, and further fall in commodity prices. The global institution, in its “East Asia Pacific Economic Update, April 2016” report, forecasted economic growth in East Asia and Pacific to fall modestly, from 6.5% in 2015-16 to 6.3% in 2016-17 and 6.2% in 2017-18. For China, as The World Bank projected, the growth will be relatively slower but more sustainable, at 6.7% in 2016-17 and 6.5% in 2017-18 from 6.9% in 2015-16. The Washington-based body, however, insisted the countries ...
China adopts new 5-yr plan aimed at halting economic slowdown
The law stipulates how charities should be registered, giving approved charities more freedom in their operations. Currently, only a few charities are allowed to raise money Source: PTI By 2020, the size of China's economy is expected to exceed 90 trillion yuan ($13.8 trillion) compared with 67.7 trillion yuan in 2015, according to the plan In a bid to halt the continued economic slowdown, China's parliament on Wednesday approved a new five-year plan, laying out the economic and social development blueprint that sets a target of an average annual economic growth of above 6.5%. A total of 2,778 lawmakers or 97.27% voted for the plan at the closing meeting of the annual session of the National People's Congress (NPC) which had the reputation ...
Chinas trade tumbles in Feb, signals worsening economic scenario
Only few Chinese products managed to register comprehensive exports growth and those included coal & ignite at 54.4% and integrated circuit at 6.8% The Dollar Business Bureau The Chinese government acknowledged the countrys worsening economic scenario projecting a 6.5-7% GDP growth for the year 2016-17. Chinas foreign trade tumbled much sooner than expected in February, dragged by poor global demand, slow domestic consumption and business shutdown on the Lunar New Year long holiday leading to flattening of sales. Exports shrank for the eighth consecutive month in February this year, by 25.4% to $126.1 billion, the countrys steepest decline in exports since May 2009. In January this year, outbound shipments had contracted by 11.2%. Imports, too, got trimmed by 13.8% to $93.5 billion from ...
Chinas economic growth slowest in 25 years
Source: PTI China’s economy grew 6.9% in 2015, the slowest pace in 25 years, slipping below the 7%-mark and sparking concerns both at home and abroad over the continued slowdown in the world’s second largest economy. The growth rate, released by China’s the National Bureau of Statistics (NBS) on Tuesday, moderated to 6.8% for the fourth quarter, the lowest quarterly rate since the global financial crisis in 2009, and 6.9% for 2015. Chinese Premier Li Keqiang last year had said that the Chinese government targeted an annual economic growth of around 7% for 2015. As per the new data, China’s Gross Domestic Product (GDP) reached 67.67 trillion yuan (about $10.3 trillion) in 2015, with the service sector accounting for 50.5%, ...
China to invest $1 trillion abroad in next 5 years
Source: PTI China is ramping up its strategy to halt the slowdown of its economy which is hovering around 7% China is likely to invest over $1 trillion overseas and import $10 trillion commodities over the next five years, Premier Li Keqiang has said as the world's second largest economy looks to invest its record $3.50 trillion forex reserves abroad to utilise it to spur growth. Although China's economic growth has slowed, growth volume is increasing annually; Li spoke at an economic and trade forum of China and Central and Eastern European countries in Suzhou, Jiangsu province on Tuesday. He said that as long as China's annual economic growth remains above 6.5% in the next few years, it can get ...
