China’s economy likely to bottom up in 2016, economist

BEIJING, Jan. 11 (Xinhua) — China’s economic growth is likely to touch the bottom and recover to 6.8 percent in 2016, said Li Daokui, director at of the Center for China in the World Economy (CCWE) at Tsinghua University.

Li said at the 26th quarterly forum of the CCWE that domestic consumption in China has started to recover in the second quarter of 2015 from around 10 percent to 11.2 percent. He expected the trend will continue in 2016 and help drive up overall China’s economy.

Li estimated China’s domestic consumption grew 10.7 percent in 2015 and the growth rate would reach 11 percent in 2016.

As China’s efforts to reduce production capacity and inventory gradually take effect, real estate investment is expected to bottom up. Moreover, stabilized commodity prices and recover in major world’s economies would help stable China’s export.

China’s fixed-assets investment may stand at 10 percent in 2016, taking predictions of investment in infrastructure, manufacturing industry and real estate into consideration, said Li.  Enditem



China financial system “largely stable”: forex regulator


BEIJING, Jan. 9 (Xinhua) — China’s financial system is “largely stable” and foreign exchange reserves are “relatively abundant”, the State Administration of Foreign Exchange (SAFE) said Saturday.

The official remarks came after the Chinese yuan, under persistent depreciation pressure, dipped to a five-year low against the U.S. dollar this week.

The SAFE said in an online statement that it will further facilitate cross-border trade and investment, and continue to promote the yuan’s convertibility under the capital account in an orderly manner.

The administration will strengthen the monitoring of China’s balance of payments, and improve the management of foreign debt and cross-border capital flows.

The SAFE will also try to better operate and manage the country’s foreign exchange reserves.  Enditem





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