Millennium Post

With 2014 GDP growth at 24-yr low 7.4%, China pegs 2015 target at 7%

With 2014 GDP growth at 24-yr low 7.4%, China pegs 2015 target at 7%
China targeted economic growth of approximately 7 per cent in 2015, lower than the goal of around 7.5 per cent in 2014, according to a government work report to be delivered by Premier Li Keqiang at China’s national legislature the National People’s Congress which began its 10 day annual session
on Thursday.

The growth target for 2015 is also lower than the 7.4 per cent economic growth rate registered in 2014, its weakest annual expansion since 1990. In the 35 years between 1978 and 2013, annual growth of the Chinese economy averaged close to 10 per cent. However, the ‘good old days’ had to end, with growth decelerating to 7.7 per cent in 2012 and 2013.

“Over the past year, the international and domestic environments faced by China in its development have been complicated and challenging. The road to global economic recovery has been rough, with many ups and downs, and the performance of the major economies has been divergent,” Li said in his report.

China continued to be a favoured destination for FDI as it got $119.6 billion last year while China’s outbound investment reached $102.9 billion, Li said. He stressed that reforms needed to be deepened with structural adjustments without which there will be difficulty in achieving steady and sound development. In the 35 years between 1978 and 2013, annual growth of the Chinese economy averaged close to 10 per cent. However, the “good old days” had to end, with growth decelerating to 7.7 per cent in 2012 and 2013.

Li said, “Over the past year, the international and domestic environments faced by China in its development have been complicated and challenging. The road to global economic recovery has been rough, with many ups and downs and the performance of the major economies has
been divergent.”

CCI clears  RIL’s 49% textile firm  sale to China co

Fair trade regulator CCI has approved Reliance Industries’ proposed deal to sell 49 per cent stake in a newly-formed textile firm to Chinese company RuYi, saying the deal does not raise anti-competitive concerns.

Under the proposed deal, CSTT Co Holdings — an investment arm of textile firm RuYi — would acquire 49 per cent stake in a textile company to be incorporated by RIL as its wholly owned subsidiary. The subsidiary will house RIL’s textile business.

The combination also involves licensing of the ‘Georgia Gullini’ trademark by Gullini Fashions Private Ltd - an Indian arm of China - based textile firm RuYi.
Agencies

Agencies

Our contributor helps bringing the latest updates to you


Share it
Top