China’s GDP growth made its first rebound since 2011 with a year-on-year rise of 6.9% in 2017, according to the National Bureau of Statistics. Meanwhile, total GDP volume has exceeded 80 trillion yuan for the first time, recording 82.71 trillion yuan (US$12.89 trillion), Economic Information Daily reported.
The newly released figure beats Beijing’s official annual expansion target of 6.5%.
The data shows that the total amount of trade has increased 14.2% from a year earlier, hitting 27.79 trillion yuan, which reversed a decline of two consecutive years.
Xu Hongcai, deputy chief economist of China Center for International Economic Exchanges, thinks the improvement in external demand driven by the apparent recovery of the world economy has made a great contribution to the country’s GDP growth.
For the year ahead, a number of agencies have predicted that China’s economy will remain stable in 2018, with its GDP growth remaining at around 6.7%.
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.
Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.(more…)
Clear skies over Asia’s new foreign investment landscape?
Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.(more…)
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