With the high growth rate of China’s economy, the country’s target of doubling its GDP per capita by 2010 relative to 2000 level is under way.
According to a WTO report (drafted independently by the WTO Secretariat) released on May 21, China’s annual growth rate was estimated at 11.4%, higher than the average rate achieved during 2003-2006. Moreover, China has the potential and confidence to maintain this rapid growth in the foreseeable future. So the goal of doubling GDP that was set out in China’s eleventh Five-Year Plan is within reach.
Faced with a number of important social and economic challenges, including various economic imbalances, China also has to increase government expenditure on social services, like health and education, as well as basic pensions, thus possibly reducing the need for precautionary saving and raising consumption.
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China‘s trade regime has continued liberalizing since 2006, the WTO Secretariat said in a report following its second review of the country’s trade policies in Geneva.
Since the first review of China’s trade practices that obtained a good evaluation in 2006, plenty of China’s trade and investment reforms have been carried out to facilitate the country’s economic development. In 2006, China’s total trade in goods alone accounted for about 65% of its GDP and 13% of global trade. Moreover, China is still a major foreign direct investment destination. These reforms also speeded up China’s integration into the global economy.
This year’s review predicted that China—now the world’s third-largest trader, would keep fast growth in international trade with the help of its continuous opening up and ongoing reforms, though there are various challenges ahead.
China always welcomes foreign trade and investment from all other countries, and we—Bpovia Ltd is always ready to bear a hand in your successful business career in China.
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