2016 China Overview - Economy
English
Though China is the second largest economy in the world, China’s GDP growth slowed down in 2015. And China’s economy is predicted to move downturn in the next 3-5 years. Yet from the perspective of the overall industrial structure, service industry constitutes a growing proportion, with some high added-value and high-tech industries developing rapidly. Over the next few years, supply-side reform will be implemented to realize structural optimization, with other major economic measures in place, such as cutting overcapacity, reducing housing inventory, lowering leverage, cutting corporate costs, etc.
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2016 China Overview - Economy
Summary
- China has the world's largest population, up 4.96‰ from 2014 to exceed 1.37 billion in 2015. It is estimated that China's population would go up to 1.4 billion in recent years. China is expected to have demographic dividend since Chinese government has released the Two-Children Policy in 2015. However, aging population will show negative impact on the structure of labor power, hence leading to a slow growth of Chinese economy.
- Though China is the second largest economy in the world, China’s GDP growth slowed down in 2015. And China’s economy is predicted to move downturn in the next 3-5 years. Yet from the perspective of the overall industrial structure, service industry constitutes a growing proportion, with some high added-value and high-tech industries developing rapidly. Over the next few years, supply-side reform will be implemented to realize structural optimization, with other major economic measures in place, such as cutting overcapacity, reducing housing inventory, lowering leverage, cutting corporate costs, etc.
- China has entered an aging society as the proportion of 65s climbed to 10.5% in 2015. In the coming decades, this aging phenomenon may bring China to a more severe condition.
- Chinese income growth was faster than China’s GDP growth in 2015. Chinese per-capita disposable income (PCDI) in 2015 was at CNY21,966, which was 8.9% higher than 2014. The real growth turned to be 7.4%, faster than GDP growth after deducting the price factor.
- The import and export amount of China’s foreign trade dropped in 2015, and it became one of the reasons for the slow growth of China’s economy.
- Despite the fierce competition of attracting foreign investment and China’s economic downward, the amount of foreign investment in China hit a record high in 2015, up 5.6% from 2014 to $126.3 billion.
- In 2015, a large number of new registered enterprises continued to fuel in China market and the market maintained a steady development.
- The RMB depreciated against US dollar in 2015 as Federal Reserve raised the interest rate and China went through economic downturn. The annual average exchange rate of RMB against US dollar was 6.23. The uncertainties of stock market was also a main cause. In the short term, the depreciation of RMB can help strengthen the competitiveness in the market.
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