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News from China
Chinese 2015 GDP revised up to US$9.9t
10th January 2017

 THE National Bureau of Statistics yesterday revised the size of China’s economy in 2015 to 68.91 trillion yuan (US$9.9 trillion), up 354.6 billion yuan from its preliminary figure.

 
Economic growth for 2015 stayed at 6.9 percent, according to a bureau’s statement on its website.
 
The value of the primary industry was revised down to 6.09 trillion yuan in 2015, with the growth rate remaining at 3.9 percent.
 
The value of the secondary industry was revised up to 28.2 trillion yuan, a rise of 148 billion yuan on the preliminary figure, with annual growth revised up to 6.2 percent from 6.1 percent.
 
The value of the tertiary sector was revised up to 34.62 trillion yuan, with growth reaching 8.2 percent.
Source: Shanghai Daily, January 10, 2017
Digital economy big job creator
9th January 2017

 CHINA’S digital economy is predicted to create over 400 million jobs by 2035, a new report has said.

 
The Internet-based economy could be worth US$16 trillion by then, said a Boston Consulting Group report, released at a new economy summit sponsored by Alibaba Group on Saturday.
 
Alibaba, China’s biggest online trader, may generate over 100 million of those jobs, according to the report, with 30 million created last year.
 
As jobs are created, digital technology like cloud computing and artificial intelligence will increasingly replace more manpower, the report said.
 
Meanwhile, 20 percent of the world’s population will become self-employed or freelance via the Internet in the next decade, Alibaba Vice President Gao Hongbing said at the summit.
 
The digital economy will surpass the manufacturing sector in scale and account for a quarter of the world’s economy, Gao said.
Source: Shanghai Daily, January 9, 2017
Energy use set to rise slightly
29th December 2016

 CHINA’S energy consumption is expected to reach 4.36 billion tons of coal equivalent in 2016, up 1.4 percent year on year.

 
Non-fossil fuel consumption accounts for 13.3 percent of the total amount, up 1.3 percentage points year on year, as China encourages users to switch from coal and oil to cleaner fuels, said Nur Bekri, director of the National Energy Administration.
 
China aims to raise the ratio of non-fossil fuel consumption to 14.3 percent in 2017, while cutting the ratio of coal to 60 percent, he added.
 
He also called for efforts to promote clean energy and emission cuts, optimize China’s energy structure and boost global energy cooperation.
Source: Shanghai Daily, December 29, 2016
Nod for 5 new private lenders
28th December 2016

 INA’S banking regulator yesterday gave approval to five new private banks, bringing the number of such lenders to 16.

 
The five banks will be in Beijing and the provinces of Jiangsu, Jilin, Liaoning and Shandong, the China Banking Regulatory Commission said.
 
Each of the banks will be co-sponsored by at least two private capital providers.
 
In 2014, China approved a pilot scheme setting up five private banks to give private capital a bigger role in the country’s financial system.
 
The new private banks are set to boost financial support for smaller firms, as the state-owned lenders usually favor state-owned enterprises.
 
Small and medium-sized enterprises account for around 60 percent of China’s gross domestic product and some 80 percent of new jobs, but they are struggling to cope with weaker global demand and tight credit.
 
Data from the CBRC showed the total assets of the first batch of five private lenders were 132.93 billion yuan (US$19 billion) at the end of September.
Source: Shanghai Daily, December 28, 2016

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