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 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Amrit Sethia
SOIE

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

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Kevin Nelson
TissueGen

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Madhu Jain
Madhu Jain

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

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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