National People’s Congress (NPC) has started its annual sessions in Beijing since the beginning of March. Economic growth is moving from manufacturing and export to service sectors. Here are the highlights of this meeting.

  • China cuts 2017 GDP growth target to around 6.5%.
  • China sets budget deficit target at 3% of 2017 GDP, keep consumer price index around 3 percent.
  • China continues to solve overcapacity in the coal and steel sectors.
  • China will revise the catalog of industries open to foreign investment, and make service industries, manufacturing and mining more accessible.
  • China will have 11 high-standard pilot free trade zones, from which successful approaches can be expanded to the rest of the country.
  • China will further open up its markets to the world through robust engines-including the Belt and Road Initiative and the Regional Comprehensive Economic Partnership.
  • China will deepen the outbound investment drive, and will draw up a blacklist to prevent illegal outbound investment activities in overseas markets and mitigate risks caused by excessive capital outflows.
  • China will also establish a seed fund to encourage innovative development in the services sector.
  • The Chinese government will encourage foreign-invested companies to be listed, as well as to issue bonds in China and will allow such companies to take part in national science and technology projects.
  • Foreign companies will be treated the same as domestic ones when it comes to license applications, standards and government procurement. They will enjoy the same preferential policies under the Made in China 2025 initiative.

 

Leave a Reply

Your email address will not be published. Required fields are marked *