Kristian Rouz — China's top economic planner says the government in Beijing intends to attract massive foreign investment in the nation's state-owned enterprises, which, some speculate, could be a bid to further open up the Chinese economy. The statement comes after US President Donald Trump has repeatedly urged a greater openness of China amid the ongoing trade talks. In a statement Sunday, Xiao Yaqing, Chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), said the nation's major state-owned enterprises (SOE) are undergoing a process of reform. © AFP 2018 / STRNobody Except China: The Only Country That Hasn't Seen a Crisis in 40 YearsXiao said as part of the changes, the SOEs will be allowed to attract foreign investment, which is likely to boost their growth potential, improve the quality of corporate governance, and enhance the interest of international … [Read more...] about Regulator: China to Attract Foreign Investment in State-Owned Enterprises
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In the barely-inhabited steppes of Central Asia, China is establishing the centre of its campaign to dominate the global economy, writes Ben MaukThe Eurasian Pole of Inaccessibility is the point farthest from a sea or ocean on the planet.Located in China just east of the border with Kazakhstan, the pole gets you at least 2,500km from the nearest coastline into an expanse of white steppe and blue-beige mountain that is among the least populated places on earth.Here, among some of the last surviving pastoral nomads in Central Asia, the largest infrastructure project in the history of the world is growing.About 130km from the Pole of Inaccessibility, just across the border in Kazakhstan, is a village called Khorgos. Its official population is just 908. But over the last few years, it has become an important node of the global economy.It is part of an initiative known informally as the new Silk Road, a China-led effort to build a vast network of motorways, railways, and overseas shipping … [Read more...] about The new Silk Road: China’s campaign to dominate the global economy
China’s industrial companies saw their profit growth scythed in half last year, as economic activity cooled in the world’s second largest economy, Trend reports referring to South China Morning Post. Industrial profits fell 1.9 per cent in December from a year earlier, the worst monthly performance since the end of 2015, and the second consecutive monthly decline. Industrial profits growth has now fallen for eight consecutive months since April, dragging the full-year growth down to 10.3 per cent, compared to 21 per cent in 2017, according to data released by the National Bureau of Statistics (NBS) on Monday. The decline was partly due to slow growth of the producer price index for industrial products (PPI), also known as the factory gate price, indicating weak demand for industrial goods. In December, PPI grew only 0.9 per cent from a year earlier. Month by month, PPI was down 1 per cent from November. The data track profits from firms that report more than 20 million yuan … [Read more...] about China’s industrial profits have fallen for the second month in a row
China’s strategy for economic growth has been a work in progress since Deng Xiaoping launched the country’s “reform and opening up” in 1978. While the last 40 years of reform have been far from error-free, the government has displayed a willingness to adapt, as well as a capacity for navigating complex transitions, supported by a healthy internal policy debate. But how is China’s development model likely to evolve in the future, as external conditions pose new challenges to economic growth? A defining feature of China’s four decades of reform has been the state’s evolving role in the economy, about which there is still significant domestic disagreement. Some argue that the state – and, by extension, the Communist Party of China – the CPC – must retain a prominent role, in order to uphold the social stability needed to sustain economic development. Others claim that spurring the innovation needed to reach high-income … [Read more...] about What next for China’s development model?
Kristian Rouz — The Chinese government has confirmed it will increase budget spending this year to provide a boost to the nation's slowing economy. Officials say the upcoming fiscal stimulus will focus on tax reductions, particularly, for small businesses. © AFP 2018 / STRChina’s GDP Growth in 2018 Drops to Lowest Level Since 1990According to a statement from the Chinese Finance Ministry Wednesday, the central government in Beijing will lower taxes and fees for a broad range of taxpayers, both individuals, and businesses. Additionally, China plans to decrease the fees levied by its social security system, which, officials believe, will provide additional support to business activity. Experts say the government will focus on fiscal policy as its main tool to support economic growth this year, while the People's Bank of China's (PBOC) monetary policies will be subject to more … [Read more...] about China Details Upcoming Fiscal Stimulus, Touts Stable GDP Growth