Malaysia Hotline: +603- 2141 8908
The year 2016 is the first year of the 13th
Five-year Plan. On the whole, the economic situation is quite grim, but is
expected to see the end of the downward trend and gradually become stable as
new momentum emerges. Macro-control is expected to focus on boosting supply and
demand, reform and opening-up, mass innovation, as well as fiscal and monetary
policies.
Chinese economy still has huge room for development
at a medium-to-long term. It is crucial to push forward the reform and opening-up
and accelerate the innovation-driven transformation, nurturing new growth
points to bolster the country's international competitiveness, optimize the
economic structure and improve people's livelihood.
New growth momentum
emerging
The country's economy has been faced with pressures
from economic slowdown, structural adjustments, and hang-over of previous
stimulus since 2012, triggering a downward trend that has persisted for 11
consecutive quarters. The inertia will inevitably weigh on the economy to some
extent in 2016.
There are some positive signs, however. China has
been accelerating economic restructuring and industrial upgrading, and pushing
forward new industrialization, information technologies, urbanization and
agricultural modernization, which will unleash huge potential for demand and
supply.
New growth momentum is breeding as the country has
been carrying out the new-type urbanization plan, speeding up newly emerged
industries, encouraging mass entrepreneurship and innovation, and deepening
reforms and opening-up that will release more dividends.
Meanwhile, the job market is stable, the property
sector faces eased downward pressure, the infrastructure investment
accelerates, and accumulative effects and composite force of policies and measures
to stabilize growth are emerging. In addition, the decrease of corporate
management costs helps accelerate the pace of market adaptation.
In particular, the fifth plenary session of the
18th CPC Central Committee has drawn an economic and social development
blueprint for the next five years, which set new goals and pointed out the
concept of development as well as major measures expected to enhance the market
confidence and stimulate the social vitality.
Above said, China's economy still has the potential
to maintain medium-to-high level of growth. It can be predictable that GDP
growth will stabilize and be likely to achieve a rate of 6.7 percent for the
whole year in 2016.
On the supply side, mass entrepreneurship and
innovation will drive the development of the new-type manufacturing and service
industries as a new growth momentum. Innovative development comes first and
foremost in the 13th Five-Year Plan (2016-20). In the service sector, for
instance, enterprises are increasingly taking innovation as their core
competence, showing strong vitality by adopting Internet technologies.
Contact us
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