Page 9 - Cong Yi News Today

Over the past decade since a key Party plenum in 2012, China has succeeded in making a bigger fiscal “cake,” with an average annual gain of 6.9 percent in its fiscal revenue, Vice Finance Minister Xu Hongcai said on Tuesday. The country’s increased fiscal capacity, adding to its unwavering push for fiscal and taxation reforms ...

Over the past decade since a key Party plenum in 2012, China has succeeded in making a bigger fiscal

By Lorena Cantó and Victor Escribano Beijing/Shanghai, Apr 29 (EFE).- Authorities in China have told the population to avoid traveling to other provinces ahead of Labor Day as the government introduced measures on Friday to mitigate the economic fallout of an ongoing outbreak that has caused a spike in Covid cases. China’s Transport regulator said …

Multiple localities in China have issued coupons and digital red envelops among a variety of benefits, aiming to bolster consumer confidence and encouraging local spending during the upcoming May Day holidays.

Chinese officials on Monday called for more supportive measures to aid businesses in temporary difficulty and promote orderly recovery of consumption as the resurgence of COVID-19 outbreaks across the country since March has weighed on the outlook for consumption growth.

A new round of COVID-19 flare-ups continues to add pressure to the Chinese economy, with two major economic powerhouses – Shanghai and South China’s Guangdong Province – recording GDP growth rates below the national level of 4.8 percent during the first quarter of 2022 due to interruptions caused by lockdowns, while northern and inland provinces’ economies surged ahead on the back of stable investment and consumption.

Shanghai reported 3.1 percent GDP growth in the first quarter of the year, a sharp decline from 17.6 percent last year, and also slower than the country’s average of 4.8 percent as the coronavirus impact exerted pressure on the financial hub, and a leading growth engine of the world’s second-largest economy, starting March.

From two of Chinas major economic engines investment and consumption, to nascent growth points like pre-made food and Chinas relentless efforts to conduct reforms, economists observed multiple bright spots in Chinas economic growth momentum for the remaining months of 2022, despite economic woes from unexpected challenges including the COVID flare-ups in Shanghai and the Ukraine crisis.

During the Qingming Festival, the domestic tourism industry has been weighed down by a resurgence of COVID-19 cases in many places across the country as many avoided long-distance travel. But short trips and livestreaming tourism gained popularity, and bookings in places that have reined in the epidemic saw a strong rebound, according to reports from major travel agencies.

China’s manufacturing purchasing managers’ index (PMI) contracted in March, as clusters of COVID-19 outbreaks hit many places across the country and global geopolitical instability also affected demand, the National Bureau of Statistics (NBS) said on Thursday.