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2020 - 09 - 02
Since its founding in 1949, the People's Republic of China has taken off to become a global superpower in the past seven decades. The country has written a chapter in economic books with its distinctive growth model.Below are graphics examining the foreign trade transformation of the world's second largest economy. China journeyed from residing within the socialist camp to being considered 'the factory of the world,' before carrying on opening up its market by holding import expos and international services trade fairs.The first 30 years of economic development laid the...
2020 - 08 - 27
As much of the world struggles to contain the coronavirus, China's recovery is gaining momentum, positioning it to further close its gap with the US economy, according to an article, 'China's Economy, Bouncing Back, Gains on the US,' published on The Wall Street Journal on Tuesday.According to the article, China is the only major economy expected to grow this year. JP Morgan recently boosted its 2020 China growth forecast to 2.5 percent from 1.3 percent in April. Economists at the World Bank and elsewhere have also upgraded their forecasts for China.China, the world's secon...
2020 - 08 - 24
China's fiscal revenue in the first seven months of the year came in at 11.47 trillion yuan (1.66 trillion U.S. dollars), down 8.7 percent year on year, official data showed Wednesday.Tax revenue in the January-July period fell 8.8 percent from a year earlier to reach 9.85 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 17 percent year on year, according to data released by the Ministry of Finance.A breakdown showed the central government collected nearly 5.36 trillion yuan in fiscal revenue during the seven-month period, down 11.3 percen...
2020 - 08 - 20
China's recent economic data have shown that the country will be the first major economy to pull out of the crisis brought by the COVID-19 pandemic, as the country's recovery is accelerating, an Aug 9 Bloomberg report said.The report cited recently released July numbers revealing that the country's industrial production has picked up growth and stopped shrinking in the retail sales sector. The decline in investment for the first seven months also narrowed from the drop in the first six months, it said.Recent figures from China, including a better-than-expected trade performance, ha...
2020 - 08 - 17
Rebound in factory activities to boost economic momentum in key sectorsChina is one of a few large economies expected to expand and substantially contribute to global GDP growth in 2020 and 2021, said the authors of a latest report jointly issued by Oliver Wyman and Silk Road Associates.'Even with manufacturing challenges and the potentially longer and more pervasive challenges that may exist in some of the service sector, we still see growth across China and that being a key source of global growth,' said Peter Reynolds, partner and head of Oliver Wyman China.'We've seen a rel...
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