Australia to potentially benefit from China's OBOR initiative
The Dollar Business Bureau Chinese Premier Li Keqiang's upcoming visit to Australia is likely to see the already flourishing economic cooperation between the two countries make further progress. Officials anticipate new opportunities for strengthening of bilateral cooperation in China's pet modern Silk Road project, comprising of the 21st Century Maritime Silk Road and the Silk Road Economic Belt. China, as is the case with most countries, is also the largest trading partner of Australia. In 2015-16, China accounted for 26.5% of Australia's total merchandise trade. While exports to China made up 30% of its total exports, imports from China stood at 22.6% of total imports, a share greater than any other country. Last year, their bilateral trade reached $108 billion. China-Australia Free Trade Agreement (ChAFTA), a landmark trade facilitation agreement between the ...
China reduces its growth forecast for 2017 to 6.5%, a 25-year low
The Dollar Business Bureau China on Sunday cut its growth target to 6.5% this year - a 25-year low - as the country drives through some painful reforms in order to address its debt concerns and seeks to control risks in the financial sector. China is aiming to expand the economy by about 6.5% in 2017, said Premier Li Keqiang, while speaking at the opening of yearly meeting of the Parliament. The world’s second largest economy had targeted growth of 6.5-7% last year but finally achieved 6.7%, which was the slowest in the past 26 years. A lending spree and raised government spending have led to worries among the top leadership of the country about increased debt levels and the overheating housing sector. This year’s ...
ADB slashes down the Asia growth forecast citing global pull
The Dollar Business Bureau Citing the global headwinds and a weaker outlook for China, the Asian Development bank has cut down its growth forecast for the Asian economy this year. Asian Development Bank, a Manilla based lender on its Asian Development outlook on Wednesday said that the fast developing Asia is likely to expand only 5.7% this year as well as in 2017. However, there was a forecast in December, where the Asian Development Bank had predicted a growth of 6%. ADB Chief Economist Shang-Jin Wei said, "Risks are tilted to the downside as tightening U.S. monetary policy may heighten financial volatility, further moderation in China could spill over into its neighbors, and producer price deflation may undermine growth in ...
