The city of Shanghai saw its annual GDP exceed the three trillion yuan (approx. USD$470 billion) threshold in 2017, with the Pudong New District accounting for nearly a third of its total economic output.
China’s state-owned media has indicated that the next round of tax reductions will focus on the further replacement of business taxes with value-added taxes, as well as a reduction in the tax burden for hi-tech manufacturing companies.
The Trump administration has stepped up Sino-US trade tensions with claims that American support for China’s ascension to the World Trade Organization was a mistake.
The International Monetary Fund has lifted its economic growth forecasts for China over the next two years on the back of improved expectations for external demand.
The People’s Bank of China added 20 billion yuan in liquidity to Chinese financial markets on Monday via reverse repo operations.
A new survey claims that only 10% of Beijing residents are deciding to have a second child following the relaxation of China’s family planning restrictions, with respondents stating that financial pressure is a key factor.
The National Bureau of Statistics says that official GDP figures indicate the Chinese economy makes a 30% contribution to global economic growth in 2017.
Birthrates in China posted a modest decline in 2017 despite the official launch of the “Two Child policy” at the start of 2016.
Chinese outbound direct investment posted its first ever decline in 2017 on the back of tighter capital controls and a crackdown on the overseas acquisitions sprees of cash-flush tycoons.
Internationalisation of the Chinese yuan may have taken a major step forward following reports that the German central bank will include the currency in its stockpile of foreign reserves.