Home / Knowledge / News / Textiles / China says Q1 economic growth shows promising prospects
China says Q1 economic growth shows promising prospects
30
Apr '16
China is patting itself on the back, claiming that the 6.7 per cent economic growth in Q1 of 2016 indicates promising prospects as the nation heads for economic upgrades while embracing innovation and creating new driving forces.

At the opening stage of the 13th Five-Year Plan, China's economy is shifting to medium-to-high growth and economic structures are further optimized, according to an article on the government's official website.

Market reform created fertile soil for innovation. In recent years, driven by a new generation of information technology, high-tech industries witnessed swift development.

The article cites Huawei, a Shenzhen-based high-tech company, as a vivid example of China's innovation-driven economic development, as it was listed 13th among the 50 global innovation companies by a US magazine, Fast Company.

Zhongguancun, another high-tech hub, is regarded as a forefront of innovation in China. Based in Beijing, the innovation hub is extending its focus from “Internet Plus business” to new sectors such as artificial intelligence, new materials, and new medicine.

“New ways of innovation is being forged,” the article quoted Sui Zhenyang, vice mayor of Beijing as saying.

China is also making efforts to boost mass entrepreneurship and innovation as 14 national-level innovation demonstration zones have been established so far. In Q1 this year, more than 3 million companies were registered, a 10.7 per cent year on year growth.

“China has become the largest place that gathers entrepreneurship investment, second to the US,” said Lin Nianxiu, Deputy Director of the National Development and Reform Commission.

To stimulate market, the government has been streamlining administrative powers. It has set up tests for a new negative list that enables more players to enter the market. Also, the registration process of new companies has been simplified as it takes only three days to register a new company, 23 days shorter than before, the article said.

Another effort is reducing overcapacity. As the top priority of supply-side reform, overcapacity reduction doesn't mean simply “subtraction”. In fact, reduction will be done along with industry upgrades.

For example, Xuzhou Coal Mining Group is planning to cut down production of 7.9 million tonnes of coal this year, but the century-old coal enterprise is stepping into new sectors of lithium battery, numerically controlled machine tools, and 3D printing.

In addition, the government also is making efforts to reduce costs as it has carried out reforms on replacement of business tax with value-added tax, clearing government funds, and lowering social security premiums. Such moves will reduce financial burdens of 500 billion yuan ($76.9 billion), 26 billion yuan ($4 billion), and 100 billion yuan ($15.4 billion), respectively.


Must ReadView All

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports $941 million in 8 months

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

Apparel/Garments | On 20th Sep 2017

Fashion has growth potential in ASEAN markets: Report

Fashion has the biggest growth potential in the Association of...

Apparel/Garments | On 20th Sep 2017

Botswana launches response strategy for US AGOA scheme

Botswana’s ministry of investment trade and Industry (MITI) recently...

Interviews View All

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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