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News from China
China to reform old, boost new growth engines
22nd January 2016

Breakthroughs will be made in steel and coal sectors in reforms of traditional industries, along with China's efforts to cultivate new growth engines, the Chinese premier said on Wednesday.

It is crucial to make a good start for the 13th Five-Year Plan period, according to a statement released after a symposium of the State Council, chaired by Premier Li Keqiang, to discuss key work for this year.
 
"Steel and coal sectors should take the lead in cutting overcapacity, digest unreasonable inventories, reduce costs and improve efficiency," he said.
China must fully assess current challenges and risks, as prices of international commodities continues dropping, economic performances in key economies are growing different and adjustments of macro-policies have brought new uncertainties, he said.
 
On the other hand, China's economic fundamentals are still healthy, and new dynamics from new industries and new businesses keep growing stronger, said Li, calling for enhanced confidence to promote development.
 
He urged boosting structural reforms, especially supply-side structural reforms, and innovate the ways of adjustment to ensure the economy operates within a reasonable sphere. China will accelerate the cultivation of new growth engines -- a key aspect of supply-side structural reforms -- and encourage entrepreneurship and innovation, according to Li.
He expected the creation of new and effective supply to better adapt to structural upgrade of demand.
 
China will repair "short slabs" in sectors such as agriculture, service, infrastructure, environmental protection and social undertakings, according to Li.
 
Transfers between new and old growth engines are of "dialectical unity," as new growth engines, if fully grown, can create a lot of jobs to help receive employees in the traditional sectors and upgrade the traditional sectors, while reforms of traditional sectors can invigorate dormant resources to provide space for the development of new engines, Li said.
 
Vice Premier Zhang Gaoli also attended the meeting.
Source: Xinhua
China to issue digital currency "as soon as possible"
21st January 2016

China's central bank on Wednesday announced that it will try to issue digital currency "as soon as possible."

A team in the central bank is examining domestic and global experiences. Digital currency costs less in circulation than traditional paper, facilitates trade, boosts transparency, and cuts money laundering and tax evasion, according to the People's Bank of China at a conference on digital currency.
 
They will improve the central bank's control of currency to better support development, and bolster new financial infrastructure and complete payment systems, it added.
 
The team was set up in 2014 and has made progress on technology, legal issues, and the impact on financial systems.
 
Source: Xinhua
Investment ebbs, consumption advances for China economy
20th January 2016

Investment in the Chinese economy continued to ebb amid government efforts to destock and cut overcapacity, while fresh drivers like consumption and the service sector become more robust.

The annual growth of China's urban fixed-asset investment, once a key driver of the economy, continued to cool in 2015 to 10 percent year on year, down from 15.7 percent in 2014, official data showed on Tuesday.
 
This is the latest step in continued deceleration of growth for fixed-asset investment, money used to purchase and build factories, machines, property and other fixed facilities.
Fixed-asset investment in the agricultural sector jumped the fastest, up 31.8 percent year on year, followed by 10.6 percent growth for the service sector and 8 percent for the industrial sector.
 
The figures are part of economic data released by the National Bureau of Statistics (NBS) which showed annual growth of the world's second largest economy slowed to 6.8 percent in the fourth quarter of 2015 and 6.9 percent for the whole year.
 
Investment, which used to be a main driver of the Chinese economy, has slowed and is now seen as a drag on the overall economic growth.
 
Investment in the property sector slowed to a larger extent, with its annual growth cooling to 1 percent in 2015, a sharp decrease from the 10.5-percent growth in 2014, official data showed.
 
Investment in residential housing, which accounts for about two-thirds of the total property investment, edged up 0.4 percent from a year earlier, compared with a growth of 0.7 percent in the first 11 months.
 
New housing construction dropped 14 percent year on year in the year, with new residential housing construction declining 14.6 percent.
As old growth drivers slow, consumption has risen to fill take up the slack.
 
Retail sales of consumer goods, a key indicator of consumption, performed well thanks to pro-consumption policies, jumping 11.1 percent year on year to 2.86 trillion yuan (436 billion U.S. dollars).
 
Consumption contributed 66.4 percent to the gross domestic product (GDP) in 2015, up 15.4 percentage points from 2014, NBS data showed.
 
The rising ratio represents concrete progress in creating a more consumption and service driven economy in order to sustain growth.
 
The service sector contributed 50.5 percent to the economy in 2015, up from 48.1 percent in 2014, official data showed. It is the first time the service sector has exceeded 50 percent, indicating China's economic restructuring has made progress, according to the NBS.
 
Source: Xinhua
Chinese tourists contribute to growth in New Zealand accommodation sector
19th January 2016

A surge in Chinese travelers helped maintain a boom in New Zealand's accommodation sector in November last year, according to figures from the government statistics agency Tuesday.

Guest nights across the country for November were up 4.6 percent from a year earlier, making the 20th straight month of growth, said Statistics New Zealand.
 
"Guest nights continued to rise this month, with the South Island leading the way when compared with November 2014," business indicators manager Clara Eatherley said in a statement.
 
Domestic guest nights were up 5.2 percent, and international guest nights were up 3.8 percent.
 
For the year ended November 2015, national guest nights were up 4.8 percent from the November 2014 year.
 
Chinese tourists drove a record rise in the number of overseas visitors to New Zealand in November, Statistics New Zealand said last month.
Visitor arrivals were up 11 percent year on year to 300,500 in November, with the biggest increase from China - up 35 percent to 36,700.
Visitors from China were the highest-ever for a November month, twice as high as November 2013.
 
In the year ending November, visitor arrivals reached a record 3.09 million, up 9 percent year on year, with Australia contributing 1.32 million, China 344,900, and the United States 240,000.
 
Source: Xinhua

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