China's newly launched dual circulation strategy reiterates the government’s determination to accelerate structural economic reform. It aims to boost China’s domestic circulation by stimulating the domestic market, which should be good news for foreign companies in China. Few details on the strategy have been released so far but more specifics are likely to emerge from the 19th CPC Central Committee in October.
As HMA Dame Barbara Woodward’s term comes to a close, BritCham China is taking a look back at a few of her key achievements over the past five years.
China’s economy expanded by 3.2% year-on-year in the second quarter, according to official data released Thursday morning, on the back of a historic contraction in the first three months of the year as the country battled with the economic impact of COVID-19. The growth rate beat many analysts’ expectations. A poll of economists conducted by Reuters forecast GDP to grow by 2.5%, while a similar poll by Caixin predicted a growth rate of 2.9%.
In this year's update to the Foreign Investment Negative List, the government has cited both the impact of COVID-19 on the economy and long-term plans to reform the business environment for foreign companies as the main impetuses for opening up more sectors to foreign investment. It remains to be seen, however, if foreign businesses feel it is the right time to enter a new market in the face of significant global uncertainty and a challenging business environment in China.
Premier Li Keqiang outlined the Chinese government's key priorities for 2020 in his presentation of the Government Work Report this morning. The report put an end to weeks of speculation about whether or not GDP growth targets would be abandoned, but on the whole, government policy this year should largely benefit British businesses in China, as long as they are accompanied by consistent and rigorous implementation.
China’s annual parliamentary meetings, known as the Two Sessions or Lianghui, are set to convene on 21st and 22nd May. The meetings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) set out the government’s economic and social agenda for the coming year, as well as its yearly growth targets.