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

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

India to be largest cotton producer in 2018-19: USDA

Textiles | On 22nd Jun 2018

India to be largest cotton producer in 2018-19: USDA

For the fourth consecutive season, India is expected to be the...

Organic Basics gets Polygiene help for advanced underwear

Apparel/Garments | On 22nd Jun 2018

Organic Basics gets Polygiene help for advanced underwear

Danish firm Organic Basics is working with Swedish company Polygiene, ...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Mohammad Hassan
Biax Fiberfilm

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search