Home / Knowledge / News / Textiles / Chinese experts positive about economic prospects
Chinese experts positive about economic prospects
21
Apr '16
As China's GDP growth slowed to 6.7 per cent year on year in the first quarter of 2016, experts said that the country is mildly shifting gears in economic growth, laying more emphasis on structural adjustment and the cultivation of new growth engines, according to a government press release.

Li Ping, head of the Institute of Quantitative & Technical Economics at the Chinese Academy of Social Sciences, pointed out that with the growth of China's overall economy and adjustment in industrial structure, China will unavoidably experience a shift from high speed growth to a medium-to-high growth. He added that China is still facing pressures to cut industrial overcapacity with the new growth engine taking shape, hence, lowering economic growth is in accord with the current stage of development.

Pan Jiancheng, vice director at the China Economic Monitoring & Analysis Center of the National Bureau of Statistics, said that this year, China stepped up efforts in infrastructure construction, with the Belt and Road Initiative, coordinated development of the Beijing-Tianjin-Hebei area, and the Yangtze River economic belt being put into implementation. Also, efforts will be strengthened to promote cost reduction for supply-side reform and reduce the rate of enterprises' social insurance fund and public reserve funds. All of these moves are expected to have a positive effect on economic growth.

This year's government work report urged cultivating new growth engines and accelerating the development of a new economy. Li Zuojun, vice director at the Institute of Resources and Environment at the Development Research Center of the State Council, stressed that supply-side structural reform should be pushed forward to foster new growth engines.

While enterprises are the main body of the new economy, reform of State-owned enterprises should also be accelerated, along with reforms on the examination and approval system, commercial system, and price system, which are conducive to the transformation of government functions and could guide enterprises to achieve innovation-driven development, said Li Zuojun.

A recent report on the prospects of the world economy released by the International Monetary Fund raised its growth forecast for the Chinese economy and spoke highly of the measures that China has undertaken for its economic transformation.

Li Ping said China's structural adjustment was advanced through a number of vibrant high-tech enterprises possessing new technologies, new mode, new formats, but the capacity scale of traditional industry remains large, so cutting industrial overcapacity could pose a big threat to the economy. Also, the transformation of momentum is yet to be completed and innovation-driven development needs to be strengthened.


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Marcel Alberts
Eurofibers

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Bani Batra

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

Yash P. Kotak
Bombay Hemp Company

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

July 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

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

Yes No

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

Yes No

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


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



X