Slow growth acceptable at cost of less debt, smog: Chinese official

[Shahzaz ud din]

Slow growth acceptable at cost of less debt, smog: Chinese official
By Zaki Abbas -
December 25, 2017
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Image Credits: REUTERS/Stringer

A senior official of Communist Party of China showed the willingness to focus on debt, pollution and poverty, saying China achieve a goal of doubling the size of its economy by 2020 even if annual expansion slows to 6.3 percent.

In its blueprint for 2016 to 2020, China set a minimum annual growth target of 6.5 percent for the five-year period to achieve the goal of doubling gross domestic product from 2010 levels. But over the weekend, Yang Weimin, an official from the Communist Party committee overseeing economic policy, said the annualised growth of 6.3 percent in 2018-2020 would do, reported Bloomberg on Monday.

Based on current economic performance, the 2020 target won’t be a “huge barrier,” the official Xinhua News Agency cited Yang, deputy head of the Office of the Central Leading Group on Financial and Economic Affairs, as saying. China is seen growing 6.8 per cent this year and 6.5 per cent in 2018, according to the publication.
President Xi Jinping and other top leaders have likewise signaled less emphasis on growth, pledging earlier this month to focus on “critical battles” against financial risk, pollution and poverty in the next three years. Yang dismissed the notion that China would abandon a growth target before 2020 while investment banks including UBS Group AG see China potentially giving a 2018 target that is worded similar to this year’s “around 6.5 percent” but without language that it should be higher if possible.

“What Yang Weimin said is no surprise except that he’s preparing for a publicly acceptable official soft landing for the already-determined policy,” said Chen Zhiwu, an economics professor at the University of Hong Kong. “The target growth rate for 2018 will be lower than 2017.”

GDP will reach 80 trillion yuan ($12.2 trillion) by year end, Han Wenxiu, deputy head of the State Council research office, said in a recent article in the official Economic Daily. The economy only needs to grow by 6.3 per cent a year and residential income by 5.3 per cent to reach the targets of doubling 2020 GDP and per capita income from 2010 levels, he said.

Yang’s remark is “a heads up on how the new thought will be implemented,” said Zhu Ning, deputy director of the National Institute of Financial Research at Tsinghua University in Beijing.

 

[beijingwalker]

Totally for it, Beijing's air in this winter is superb, can't believe it. Everyday blue sky.

 

[Mista]

Totally for it, Beijing's air in this winter is superb, can't believe it. Everyday blue sky.

I agree. Money can be earned in another day, health can't.

 

[Yingluck]

Shylock Jews has successfully brainwash the entire world that debt is good, despite usury is despised throughout history of mankind, in every single major religion, from Christianity, Islam to confucian culture.

The Jewish financial interest is behind the US central bank, FED, a totally private owned entity, and a good example of public institution captured by private interest, that works totally against the interest of citizens in USA, and the world.

The convoluted means of money creation of Fed (basically a debt base note creation), disguise a transfer of peasant wealth to idle elites. The elites then brag themselves as clever and hardworking, sneering the peasants predicament, blaming them for idleness.

Hence it is impossible to rid the world of debt in theory without a revolution against Jews.

Debt is no good. No debt is good.

Unfortunate, China elites forgotten Mao. Mao has rid the nation off debt, even offered to pay USSR in Great leap forward. China elites today overleverage their citizen with debt. China will pay the price now and in future for betraying the revolution and great leader Mao.

We already see China cities like Shanghai having the lowest birthrate in the whole world when too many young people are saddled with debt. The real estate is going to implode.

Cheers.

 

[clarkgap]

Totally for it, Beijing's air in this winter is superb, can't believe it. Everyday blue sky.

On other hand, the winter of this year in Northern China is nastyly cold for many people. Government should expect the shortage of gas before they made such plan.

 

[cirr]

Industrial growth fastest since 2010

2017-12-26 08:48 China Daily Editor: Zhang Shiyu

Miao Wei gives a speech at the China Internet Conference on July 11, 2017, in Beijing. (Photo provided to chinadaily.com.cn)

China's industrial output is expected to rise by around 6.5 percent this year, marking the best performance since 2010, as the Made in China 2025 strategy helps to boost productivity and revenue growth.

The increase is 0.5 percentage points higher than the targeted growth, partly driven by strong efforts to boost the use of new technology at traditional enterprises, Miao Wei, minister of industry and information technology, said on Monday.

"The country's industrial economy has maintained steady and sound growth thanks to the implementation of the Made in China 2025 strategy. It effectively promoted the integration of manufacturing and new technologies such as the internet, big data and cloud computing," Miao added.

The ministry also predicted that the country's industrial output is likely to grow by around 6 percent next year, with revenue from the telecommunications, internet, and software and information technology service sectors increasing by 50 percent, 30 percent and 13 percent, respectively.

Wang Peng, deputy director of the China Center for Information Industry Development, said: "The expected strong momentum comes mainly from the supply-side structural reform in the industrial sector, such as cutting overcapacity, which propelled the vitality of the whole industry and improved economic quality."

In 2017, China has met the goal of reducing steel capacity by more than 50 million metric tons, and cutting overproduction in other industries such as cement, as the country deepens industrial restructuring.

According to Miao, the country will also publish guidelines on promoting the development of digital economy. Official data show that the country's digital economy amounted to 22.58 trillion yuan ($3.43 trillion) last year, ranking second globally and accounting for around 30 percent of national GDP.

http://www.ecns.cn/business/2017/12-26/285822.shtml

 

[Yingluck]

The recent clean up of Beijing air is more due to the blunder of party boss Cai Qi in kicking "Low End Population" than anything else.

It is now a major scandal in China.

 

[clarkgap]

The recent clean up of Beijing air is more due to the blunder of party boss Cai Qi in kicking "Low End Population" than anything else.

It is now a major scandal in China.

They are different events. The recent clean up of Beijing air is due to the extensive use of gas.

 

[Yingluck]

China is the world cleanest nation, maliciously vilified by white man newspaper.

In addition, China plans to leapfrop automobile industries by focusing on EV. Kudos to China.

And why China air indeed shows higher amount of particles?

The reason, is China by taking on the role of world factory, transfer everyone else industries to herself. The consequences are the white man get clean air, but workers got fired.

China got dirty but she accumulate wealth.

You want clean air less money or dirty air more money?