MARCH 16TH 2016
CHINA’S NPC APPROVES FIVE-YEAR PLAN, PREMIER LI REJECTS POSSIBILITY OF HARD LANDING
China’s top legislative meeting has come to an end. The National People’s Congress closed with the adoption of the 13th Five-Year Plan, which establishes the main trends for social, economic and political development until 2020.
For this year, China expects to meet a 6-7% growth, and keep it throughout the application of the Plan. Other measures include cutting high debt, streamlining state-owned enterprises, and reforming financial markets.
Premier Li Keqiang presented the Congress’ highlights during the traditional press conference on Wednesday. He highlighted the importance of continuing the reforms to revitalise the economy.
For this year, important measures to boost financial markets will be implemented. The stock-trading link between Hong Kong and Shenzhen might be active by the end of the year, expanding later upon the existing Shanghai-Hong Kong link. In terms of currency volatility, a tax might be imposed to curb speculation.
He recognised that layoffs will happen as state-owned companies are restructured, particularly in the coal and steel industries. The government has already set-out an important fund of $15.3 billion to ameliorate social consequences.
More importantly, in a reassuring tone, Premier Li stated that Chinese economy would “not suffer a hard landing.” China’s current transition has been tough to handle, but the country’s assets will not even entertain the possibility of a hard landing, according to the Premier.
Some analysts expected more announcements empowering the market, and even deeper political reform. However, the NPC has reassured the place of the State in the economy, thus its fundamental importance for China’s developmental path.
Sources:
http://www.bbc.com/news/world-asia-china-35818730
http://www.sfgate.com/news/article/China-s-Li-pledges-more-reform-tries-to-reassure-6892752.php
Annex Asia Publishing
publishing@annexasia.com
Image: WSJ
Tags: Inspections China, Inspections Asia, Quality Control China, QC China, Quality Control Asia, QC Asia, Factories China, Laboratory testing China, Inspectors China, Factory Audit, Product inspection China, Product inspection Asia, Initial Production Inspection China, During Production Inspection China, Power Banks, Container Loading Inspection China, Inspection standards China, Inspections standards Asia, Inspections India, Quality Control India, QC India, Laptop Cooling Pads, Manufacturers China
