Headquarters of the People’s Bank of China, the central bank, is pictured in Beijing. [Photo/Xinhua] China has expanded its pilot program for multinational companies to operate integrated domestic and foreign currency capital pools into a nationwide policy, marking a significant stride in financial opening-up. The move aims to facilitate foreign business expansion in China and…
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BEIJING — China’s 2024 gross domestic product (GDP) was revised to 134.8066 trillion yuan ($19.16 trillion), down 101.8 billion yuan from the preliminary figure, the National Bureau of Statistics said on Friday. The final verified GDP growth rate for 2024 remained at 5 percent, unchanged from the preliminary calculation, according to the NBS. China’s annual…
China’s shift toward innovation-led growth is playing a key role in strengthening the resilience of the world’s second-largest economy, said Robert Koopman, former chief economist of the World Trade Organization. “I’d say right now, a big part of that has been a shift in the Chinese growth model that’s focusing more on innovation and incentives…
China will raise basic old-age benefits for hundreds of millions of rural and nonworking urban residents next year, marking the eighth such increase since the system’s establishment, as part of broader efforts to bolster social security and domestic consumption, experts said. “We will continue to raise basic pensions for rural and nonworking urban residents, so…
Chips are displayed at the exhibition area of Central China’s Hubei province of the second China International Supply Chain Expo in Beijing, China, Nov 27, 2024. [Photo/Xinhua] China strongly opposes the United States’ imposition of Section 301 tariffs on Chinese semiconductor products and will respond with necessary measures to safeguard its interests, said the Ministry…
A customs official (left) helps foreign visitors at Sanya Phoenix International Airport in Hainan province on Dec 18. MENG XUSHUN/XINHUA The rollout of the island-wide special customs operations on Dec 18 in Hainan Free Trade Port ushers in a new stage of Hainan province’s development, unlocking freer flows of goods, capital, personnel and data under…
MA XUEJING/CHINA DAILY China is set to press ahead with consumption-led and technology-driven expansion in 2026 as the economy undergoes a structural shift toward higher-quality growth, according to economists at major Chinese and international financial institutions. Xiong Yi, Deutsche Bank’s chief economist for China, said,”Our main takeaway from the Fourth Plenum is that Chinese leaders…
Fully loaded cargo ships are seen on Dec 9 at the Shekou Container Terminal in the western port area of Shenzhen, Guangdong province. Tang Shuquan/Xinhua China’s foreign trade sector is poised for steady growth in 2026, driven by rising global competitiveness of its exports and enhanced diversification of trading partners, as well as an increasingly…
The recent strengthening of the renminbi against the US dollar reflects the resilience of China’s economic fundamentals and the improving stability of its financial system, while a weaker dollar has also provided external support for the renminbi’s gains, economists said. They also said that if the yuan maintains a firm trajectory next year, it could…