Home / Knowledge / News / Textiles / China claims economy off to a good start this year
China claims economy off to a good start this year
17
May '16
China's economy kicked off to a good start this year, through optimizing economic structure and improving people's livelihoods.

Due to initiatives to expand domestic demand and strengthen supply-side reform, efforts have been made to help the world's second largest economy run smoothly, according to an article in the government's official website.

“Under the context of the New Normal, the nation's economic growth mainly depends on consumption. In the first four months, total volume of retail sales increased 10.3 per cent year on year, and contribution rate of consumption rose 22 per cent compared with the same period in 2015,” it said.

Amid structural transformation, the service industry became the largest in the country. Service industry production index witnessed an 8.3 per cent year-on-year growth in April.

In the first quarter, the tertiary industry increased 7.6 per cent, 1.8 percentage points faster than the secondary industry. Accounting for 56.9 per cent of GDP, the contribution rate of tertiary industry to economic growth reached 63.5 per cent, 29.3 percentage points higher than the secondary industry.

Furthermore, tax revenue from the service industry grew 12 per cent and accounted for 56.5 percent of all tax revenue.

“Reform initiatives, including streamlining administration and delegating power to lower-level governments, optimizing administrative services, investment approval and business systems reform, value-added tax reform, and supply-side reform, are working together to inject dynamism into the market,” it said.

From January to April, the number of newly registered enterprises reached 1.57 million, a 27.5 per cent year-on-year growth. Nearly 13,000 enterprises were registered each day over the past four months.

Supply-side reform efforts to address overcapacity, reduce inventory, deleverage and lower costs have been paying off, too, the government claimed. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Casper raises total funding of $240 million

Casper, the global sleep company launched three years ago has...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search