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 28th Mar 2017

India may impose duty on elastomeric filament yarn

The Government of India is likely to impose anti-dumping duty on...

Courtesy: Lee Cooper

Apparel/Garments | On 28th Mar 2017

CCI clears FLFL proposal to divest Lee Cooper

The Competition Commission (CCI) of India has approved the proposal...

Textiles | On 28th Mar 2017

Bardoli CEFC to benefit south Gujarat MSMEs

India’s first common engineering facility centre (CEFC) at Bardoli,...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Suresh Patel
Sidwin Fabric

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler
Groz-Beckert

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

Sonam & Paras Modi
SVA

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search