Li Keqiang: GDP last year expected to increase by 6.9%

Before the announcement of gross domestic product (GDP) in 2017 next week, Premier Li Keqiang said that the overall situation was better than expected last year and that the national GDP is expected to grow by 6.9%.

Xinhua News Agency yesterday published a speech delivered by Li Keqiang on the second summit of the Lancang-Mekong cooperation held in Phnom Penh on Tuesday (9 January), stating that the economy of the Mainland has shifted from a period of rapid growth to a period of high-quality development with the acceleration of the upgrading of consumption and industrial structure.

Stock market stable operation of property market continued to increase

National Bureau of Statistics will release its GDP growth in the fourth quarter of last year and in 2017 next Thursday (18th). From Li Keqiang’s speech, last year’s economic growth in the Mainland was not only above the target of 6.5% for the full-year forecast set by the government, but also higher than the generally expected growth of 6.8%, 0.2 higher than the 6.7% in 2016 percentage point.

Li Keqiang pointed out that in the metropolitan areas surveyed last year, the unemployment rate hit a record low in many years. Imports and exports reversed a two-year downward trend. Financial revenue, household income and corporate profits improved markedly. Bonds, stock markets and the property market remained stable while foreign exchange reserves continued to increase , Corporate leverage has been steady down.

Li Keqiang pointed out that the key to China’s economy is that China insists on not using the “big flood irrigation” style of stimulus to promote supply-side reform, constantly innovating and perfecting macro-control and vigorously cultivating new momentum for development.

Li Keqiang pointed out: At present, China’s economy has shifted from a high-speed growth stage to a high-quality development stage. Innovation and leadership have been further enhanced. The consumption structure and industrial structure have been accelerated and upgraded. Urban and rural areas and regions have been coordinated with each other. Growth, investment, cooperation opportunities.

The Academy of Social Sciences estimates that GDP will increase by about 6.7% this year

For the Chinese economy in 2018, Reuters quoted sources on Thursday (4) as saying that the Mainland will seek to strike a balance between reducing its debt risk and maintaining economic stability this year. The annual economic growth target is expected to remain at an increase of 6.5% Inflation target remained at 3%, all the same as last year’s target. The report also said the above proposal was approved at the Central Economic Work Conference held last month.

In terms of fiscal policy, this year we will maintain the target of a budget deficit of 3% of GDP.

In the property market cooling, risk prevention and control of leverage, coupled with the United States to raise interest rates and tax cuts, the agency expects the Mainland economy will face downward pressure on the Chinese Academy of Social Sciences and Bank of Communications are predicts that economic growth will slow this year To 6.7% or so.