The Economy
- Hu Chunhua, Party chief of Guangdong province, vowed on Sunday that the South China province will take the lead in poverty reduction and accomplish the task in 2018.
- A glimmer of hope may flare for ride-sharing firms after Chinese ministries vowed to encourage the popular means of transport.
- China's increase of its deficit-to-GDP ratio will help prevent economic growth from falling rapidly and facilitate structural reform, a senior official said Monday.
Finance minister: China to well handle bad loans
Chinese Finance Minister Lou Jiwei said Monday that the country's rising bad loans of banks could be well solved by market mechanism and government support.
• China sets deadline for VAT reform
• China to revise individual income tax
- Facing downward risks, volatile securities and sluggish manufacturing, China is exploring a new approach to rein in a slowdown and restructure the economy.
- China is exploring the creation of a mechanism that would use a band to guide the country's interest rates, an approach aimed at giving the market a greater say in the financial system, a senior monetary official said on Sunday.
Li calls for new momentum to promote economic growth
Premier Li Keqiang called for new momentum to promote economic growth Sunday when joining a group of lawmakers from Shandong Province, on the second day of the national legislature's annual session.
• Full coverage: 2016 Government Work Report
- Facing downward risks, volatile securities and sluggish manufacturing, China is exploring a new approach to rein in a slowdown and restructure the economy.
China's foreign reserve flight went to citizens and companies: Central bank
China's significant foreign reserves reduction largely went to its citizens and companies, central bank deputy governor Yi Gang said at a press conference Sunday.
- The newly-released government work report has instilled confidence in entrepreneurs, according to Lei Jun, founder of China's homegrown smartphone vendor Xiaomi.
- In his speech in London last year, Chinese President Xi Jinping pointed out that, as its national strength ascends, China will guadually shoulder more international responsibilities within its means, contributing its wisdom and strengths to world economic growth and improvements in global governance. As the world’s largest developing country and the locomotive of global economic growth, China stands as a bridge spanning East and West and the developing and developed worlds, and is instrumental in steering global economic governance onto the path to greater justice and rationality.
- At the beginning of 2016 changes in the structure of the IMF, which had been originally agreed in December 2010 under the impact of the international financial crisis, at last came into effect. They gave China the third largest place among IMF quotas and meant that the BRIC economies (Brazil, China, India, and Russia) became among the 10 largest members of the IMF – joining the U.S., Japan, Germany, France, the U.K. and Italy. More than six percent of quota shares were shifted to developing economies.
- China will not see another upsurge in layoffs like the one seen in the 1990s as China seeks to revitalize the economy by cutting industrial overcapacity, a senior economic planning official said Sunday.
- China's economy had a "sanguine performance" last year, a senior regulator said Sunday on the sidelines of the annual parliamentary session.
- China will step up exports of its advanced equipment and production capacity to countries joining the China-proposed Belt and Road Initiative, a senior economic planning official said Sunday.
Highlights of the Sessions >>
- Full text: Work report of NPC Standing Committee
- Full text: Report on China's economic, social development plan
- Full text: Report on China's central, local budgets
- Full text: Report on the Work of the Government
- Highlights of work reports from SPC and SPP
- Xi orders breakthrough in military theory
