China growth rate to 'stay above 6.5 percent' mark

China will likely maintain a steady growth rate of above 6.5 percent in two years, with economic deleveraging and preventing financial risks top priorities for the government, a report said. The report, jointly released by Xiamen University and business newspaper Economic Information Daily, forecast that China will achieve a growth rate of 6.73 percent this year and will see slightly slower growth of 6.6 percent in 2019. The country will also see mild growth in inflation with the consumer price index, a main gauge of inflation, reaching 2.13 percent. The policymakers are capable of keeping prices within a reasonable range and there is no major inflation risk in the country, the report said. "China's economy will be transformed from old to new by involving innovation and supporting policies, by how structural transformation can be promoted in more places, how new technologies, industries and formats can be continuously conducted and changed in various sectors," said Zhang Yansheng, secretary-general of the academic committee of the National Development and Reform Commission. "If we can manage to maintain high investment activities in innovation activities in 10 or 20 years and the stocks have accumulated to a certain extent, the world's top universities and more competitive industries will surely emerge here," he said. China's economic growth beat forecasts to reach 6.9 percent year-on-year in 2017, marking the first acceleration since 2010 despite financial regulatory tightening and measures against pollution that affect growth. Thanks to global economic recovery and rebounding demand for goods in 2017, the report predicted China's export volume would grow by 9.65 percent in 2018, about 1.75 percentage points higher from the previous year. The report also urged the government to pay more attention to consumption that can result in investment, as well as boost sustainable industrial production. "Consumption drives economic growth by leading investment. Economic growth can only be stimulated if consumption can be expanded to boost industrial production," said Wang Tongsan, an economist with the Chinese Academy of Social Sciences, a government think tank. Li Jianfa, professor and vice-president of Xiamen University, said despite the steady growth of China's economy and benefits from rising foreign goods demand in 2017, the country still needs to resolve issues like falling growth rate of fixed assets, unbalanced investment structure and declining investment efficiency. Even though the steady trend of industrial production can be maintained, Li said there has been no obvious increase in the growth rate of private investment. The government still has to rely on infrastructure investment and strengthen investment in State-owned enterprises at all levels in relevant monopolies.

Shanghai expo is platform for British exports

Expanding Chinese market offers big opportunities to UK businessesThe first ever China International Import Expo, taking place in Shanghai in November, will be a good opportunity for Britain to show its products and services to new Chinese buyers, said the chairman of the China-Britain Business Council.James Sassoon said United Kingdom companies are excited about the possibilities presented by the expo because there are already 430 million middle-class Chinese consumers hungry for the best quality goods and services from around the world.“Those 430 million will rise to about 750 million in the next few years, so this is a great opportunity for UK businesses,” he said. “We think what we have to present at the expo is what Chinese consumers want to buy.”The expo, which was announced by President Xi Jinping last May and will run from Nov 5 to 10, is the first of its kind and seeks to further open up the Chinese market to the world.British international trade secretary Liam Fox has confirmed he will attend, and Sassoon said this showed “very good commitment from the government and business” to the expo.“It’s because we want to show off the best we have whether it’s in automotive, tourism, healthcare or creative industry — there is so much in the UK that has to present right across the board. We will be there,” he added.Sassoon accompanied British Prime Minister Theresa May on her recent trade mission to China, which sealed 9 billion pounds ($12.5bn) worth of new agreements. He said the three-day visit to Beijing, Shanghai and Wuhan, was eye-opening for the prime minister.“I know from talking to her, she understands now much better why British businesses are so enthusiastic to put the emphasis on China markets,” he said.“It was an excellent visit both for her to understand the business opportunities, but also we move now into the ‘golden era’ 2.0.”Sassoon admitted May does not have the same background of visiting China as previous UK leaders, but pointed out that she understands the importance of theUK-China relationship, as demonstrated by the fact that China was the only country described by May as a vital trading partner for the UK in her keynote speech to business leaders at the Lord Mayor’s banquet last November.Sassoon also said the China-proposed Belt and Road Initiative was perhaps the clearest example yet of how the two countries can work together.“Business on both sides have these complimentary skills,” he said. “China with its lead in engineering and construction on one hand, and the UK with its undoubted leadership in project management, legal construct for major infrastructure projects and financing in risk management.”The remaining challenge, he said, was for the UK and China to identify a list of projects that third countries want to work on, so that Chinese and UK businesses can start focusing on such projects. Another key area, he added, is to define the standards that make these big projects financeable on market terms in the global market.

China can achieve sustainable growth through reform: World Bank

China can achieve more inclusive and sustainable development with coordinated reforms that maximize development impact and address its development challenges, according to a report from the World Bank Group. China's growth has been slowing to a "new normal" and economic rebalancing is underway. Managing this transition in a sustainable manner will be critical to achieving the country's development goals, the report "Towards a More Inclusive and Sustainable Development" said. Policy to increase productivity-led growth through innovation, market competition and the private sector will support these goals, said the report. "China's remarkable progress in reducing extreme poverty has significantly contributed to the decline in global poverty," noted Hoon S. Soh, World Bank Program Leader for economic policy for China. The official said the World Bank Group will continue to support China's goals to eliminate extreme poverty and ensure inclusive and sustainable growth. Despite the rapid reduction of extreme poverty, China's remaining poor population remains large. The report projected continued progress towards eliminating extreme poverty with the extreme poverty rate to fall below one percent in 2018, based on the international poverty line of PPP 1.90 U.S. dollars per day. The challenge for China will be to target assistance to the remaining poor while paying attention to those who are vulnerable to falling into poverty, the report said, adding further improvements to the social security net would help. Although inequality has been steadily declining since 2008, more can be done to address inequality, the report said, suggesting reforms of the intergovernmental fiscal system and the household registration system. Other recommendations for China include a greater reliance on market mechanisms and mobilizing more private financing to boost green innovation and reduce environmental costs and waste. The World Bank Group undertakes a Systematic Country Diagnostic for all its client countries to identify key challenges and opportunities in ending poverty and boosting shared prosperity. The Diagnostic forms the basis for the Country Partnership Framework, which determines the World Bank Group's activities in a country over a four to six year period.

Happy Spring Festival

Filled with the harvest joy, the glory of success, we have gone from 2017, the period which we work hard together, and striding into the next process-2018. Review the past, we were with deep gratitude; looking the future path, we are with bright future ambitions. On the occasion of ring the old year out and the new year in, on behalf of all my colleagues at Tanikawa Technology Co., Ltd., to offer our sincere New Year's blessing to all friends who have always supported us, and express our sincere respect and heartfelt gratitude! And extend the New Year's congratulations and cordial greetings to everyone and your family! In the past 8 years, Tanikawa hard works in the piece of fertile land China, growing out of nothing, expanding from a small to a large enterprise, surviving in the competition, innovating and developing. I am also honored to be the founder of the company, participated in and witnessed the fact that Tanikawa's team has grown from 5 people to a technology service group with more than 240 colleagues and 14 local companies, leading the investment promotion industry. The flourishing Tanikawa, the any progress what we made were inseparated from the support of the community and customers, also cannot be separated from everyone's effort in Tanikawa. At the starting point of the new journey, we are thankful and striving to repay every support. We look forward to insight into the future trends and embracing the development and transformation, we look forward to understanding our customers deeply and providing the best services, we also look forward to creating new impetus for the regional economy development and contributing new energy to social and economic development through technology, information and services! When you have the passion like the first love and religious will, you may accomplish your ambition on the large extent! The bell of the New Year is going to be knocked. We must continue our efforts, work hard with passion, never forget the beginning of our mind, and keep in mind the mission, carry out the service concept of "thinking for the clients, using for clients, serving for clients" and adhering to the principle of "Gather resources like a valley, steady and everlasting"，we need carry out "innovation, implementation, standardization and progress" as our core value, and will provide a platform for the company to continue its healthy growth and strive to create a full industrial chain so that can help enterprises to site selection scientifically, develop efficiently and assist the government in developing industries and optimizing the environment. The ultimate realization is the integration of technology, information and services, and cover our service to every city in the world. Drink from the source, through the development of the past 8 years, we know that you have given us unparalleled power and confidence. Every progress and success made by Tanikawa cannot be separated from your concern, trust, support and participation. Your understanding and trust are the best motivation for our progress. Your attention and support are the source of our growth. Your every participation and every suggestion makes us excited and stimulate us to make continuous progress. Because of you, we have everlasting confidence and power in our future journey, because of you, our career will be developmental and prosperous. Through the past eight years, be grateful to those who accompanies with Tanikawa, and the next eight years, lay the beginning mind to our heart, Tanikawa will continue to make progress with you. Happy Spring Festival, and all the best!

Hunan’s Belt and Road Trade Surges

In 2017, Hunan’s exports to "Belt and Road" countries increased 43.14% to 48.25 billion CNY; imports increased 44% to 10.47 billion CNY. Of the total, foreign trade between Hunan and ASEAN countries reached 27.18 billion CNY, up 49.9% and accounting for 46.3%. Foreign trade between Hunan and Russia was 5.49 billion CNY, an increase of 140%; the trade volume accounted for 9.3%, 3.7 percentage points higher than the same period last year. Electro-mechanical products were the main export commodities, and exports of traditional labor-intensive products increased substantially. In 2017, Hunan exported 22.23 billion CNY of electro-mechanical products to Belt and Road countries, up 43% and accounting for 46.1% of the total exports between Hunan and these countries. During the reported period, exports of traditional labor-intensive products amounted to 11.31 billion CNY, up 82.5% and accounting for 23.4%. In terms of imports, fast growth was seen in the imports of electro-mechanical products, agricultural products, and high-tech products. In 2017, Hunan imported 2.03 billion CNY of electro-mechanical products from Belt and Road countries, an increase of 110%. And imports of high-tech products valued 1.27 billion CNY, an increase of 180%.

China's service exports expand fast in 2017

China's service exports witnessed fast expansion in 2017, outpacing the growth of imports for the first time in seven years, data from the Ministry of Commerce (MOC) showed. The value of service exports gained 10.6 percent to 1.54 trillion yuan (about 240 billion U.S. dollars) last year, while imports increased 5.1 percent to 3.16 trillion yuan, resulting in a 1.62-trillion-yuan deficit, the MOC said in a statement. In contrast to merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing, and accounting. The overall volume of service trade maintained a steady growth, rising 6.8 percent from the 2016 level to 4.7 trillion yuan, said the MOC. Xian Guoyi, head of the ministry's service trade department, attributed the faster growth in exports to China's expanding producer service sector and stronger competitiveness in professional services and emerging services. In 2017, imports and exports in emerging services surged 11.1 percent, 4.3 percentage points higher than the overall increase. As part of efforts to create new economic drivers, China has been improving its service sector and rolling out measures to make it more competitive, including gradually opening up the finance, education, culture and medical sectors. In 2016, ten provinces and cities including Tianjin, Shanghai, Hainan and Shenzhen, as well as five new economic zones were chosen as pilot areas for service trade innovation. The country has also launched an investment fund of 30 billion yuan last month to guide service trade development and facilitate the transformation of China's foreign trade patterns.