CBI member, Price Waterhouse Coopers has released an insight report documenting the events at last week’s LiangHui or ‘Two Sessions’ meeting, which took place in Beijing from March 3rd – 15th.
Titled, ‘What are the Business Implications from China’s Two Sessions?’ PWC’s report sets out the following as key takeaways:
- China will speed up the all-round opening-up of the economy by improving the business environment, particular in terms of rule of law and opening up more areas to foreign investment.
- China will continue to fight three major battles against significant risks, poverty and pollution.
- Supply-side structural reform still plays a vital role in economic development.
- Manufacturing and consumption will benefit from tax cuts for the manufacturing sector and individual tax deductions. Other takeaways include, the fact that the Chinese government has set the major economic targets for 2019 including: GDP growth of 6% to 6.5%, creating 11 million new urban jobs, and maintaining the surveyed employment rate at around 5.5%. PWC’s ‘standout sector’ are the financial services institutions active in the China market, who have made significant progress covering, securities, insurance and providing credit ratings. PWC accounts that foreign investment in China’s bond market has increased by nearly 600 million Renminbi in 2018, and the total amount has now reached about 1.8 billion Yuan.
- Please follow the link to find the complete report.
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