28 April 2017
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas




  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia


  • » 01/24/2013, 00.00

    CHINA

    Davos: domestic market key to China's economy



    Economists meet in Swiss resort town for the annual World Economic Forum. For the head of China's National Economic Research Institute, prospects this year are better than last year, but added that government spending should not overheat the economy. Domestic consumption holds the greatest potential, if the government addresses social security issues and income disparities, Merchants Bank chief says.

    Davos (AsiaNews/Agencies) - As China's economy recovers from a "soft landing", its big challenge this year will be to prevent overheating whilst still promoting growth, said Fan Gang, head of China's National Economic Research Institute, in his address to the World Economic Forum in Davos, Switzerland, an organisation that focuses on world economic issues.

    For at least a decade, China has been a major focus at the forum. With a growing economy and expanding industry, it has been an engine of economic growth for other economies that depend on it for their own growth and import-export.

    However, results for the world's second largest economy are lower than in previous years, posting growth of 7.8 per cent last year, its weakest performance since the 1990s. In fact, manufacturing is down, whilst a real estate bubble fuelled by government investments is creating jitters.

    Still, things started to look up at the end of 2012 when fourth quarters figures showed faster growth than even Chinese leaders expected.

    "Now I can say the 'soft landing' has landed last year, and now it's under way to recovery," Fan said. "This year China can grow around 8 to 8.5 per cent, and that will lay down a good foundation for the next couple of years". The challenge will be, he explained, to see how the central government and the banking system can work together to maintain growth.

    For him, 2013 could also be the year to start the new round of financial, economic, regulatory and social reforms. The goal however must not to allow added government spending to promote further heavy borrowing and overheating of investments.

    "The new leadership is now talking about reform and reform and reform, and restructuring, restructuring and restructuring," he noted.

    Ma Weihua, president and chief executive of China Merchants Bank, was also at the forum.

    In his view, domestic consumption holds the greatest potential because it is still low in China-35 per cent compared with 70 per cent in the United States. But, in his view, if the government wants to increase spending it needs to address social security issues and income disparities.

    e-mail this to a friend Printable version










    See also

    17/01/2007 WORLD SOCIAL FORUM
    World Social Forum set to begin in Africa
    Starting Saturday tens of thousands of people will meet in Nairobi to discuss solutions to some of the major problems associated with globalisation and development like exploitation, marginalisation and poverty. Caritas internationalis and the Jesuit Refugees Service will be among them.

    29/01/2010 CHINA
    Beijing to increase domestic demand, reduce overreliance on exports
    Chinese Vince Premier Li explains in Davos China’s new development goals. However, China is still protectionist vis-à-vis foreign goods. Chinese banks lend a trillion yuan in 20 days. An asset bubble is a real possibility.

    23/01/2014 IRAN
    World Economic Forum: Rouhani opens Iran to world economy
    The Iranian president stresses the great potential of Iran's economy whose economic and human development can only be achieved by working with others. Nuclear deal is the first step for long-term relationship with international community.

    17/01/2017 17:14:00 SWITZERLAND – CHINA
    Xi Jinping’ s first time in Davos

    In the opening address of the World Economic Forum, China’s president defended globalisation and the free market despite China’s own "protectionism" and yuan "manipulation". Police detain at least 32 people demonstrating for a Free Tibet.



    01/02/2005 ASIA - OPEC
    No cuts in output, no hikes in prices . . . for now
    Energy needs in China and India keep demand for oil high. Prices are likely to increase in March.



    Editor's choices

    VATICAN-EGYPT
    Pope Francis in a video message: Dear people of Egypt ...

    Papa Francesco

    To mark his upcoming visit to the country (28-29 April), Pope Francis today sent a video message to the Egyptian people. " Our world, torn by blind violence, which has also afflicted the heart of your dear land – needs peace, love and mercy; it needs workers for peace. "


    ISLAM
    The roots of violent Islamism are in Islam, the words of a Muslim

    Kamel Abderrahmani

    After every terrorist attack, there is the tendency to say, "This is not Islam." Yet those criminal acts are justified and inspired by texts that are the reference point for Muslims and Islamic institutions worldwide. There is an urgent need to reform Islam from within, by the Muslims themselves. Coexistence with other religions is the way to remove Islam from sclerosis and stagnation.


    AsiaNews IS ALSO A MONTHLY!

    AsiaNews monthly magazine (in Italian) is free.
     

    SUBSCRIBE NOW

    News feed

    Canale RSScanale RSS 

    Add to Google









     

    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®