Major Chinese Economic events or changes: 2013 – 2017

Updated 3rd January, 2017

Major events or changes 2016

  • Major projects
    • $6.5 bn set aside for innovation projects
    • First train from China to Iran along New Silk Road
  • Significant improvements
    • Chinese billionaires outnumber US
    • Yuan  becomes IMF reserve currency
    • Airbus China to deliver A330 in 2018
  • China is trying to greener:
    • 29% of water is not drinkable
    • China bans new coal power generationNuclear power push
    • China and India most deaths from pollution
    • Wind power hits record high
  • Economic Reform
    • China to lay off more than 1.8 million workers in steel and coal
    • More red tape cut
    • China shut down over 1,000 uneconomic or high polluting factories in past 5 years

Major events or changes in 2015

  • Major events
    • Overall growth slower than planned and expected.
    • GM to sell Chinese made cars in US
    • China rolls out first big passenger liner
    • Power demand stalls as growth slows
    • Initiative to move from “mad in China” to “invented in China”
    • Stock market drops biggest for decade
    • $5bn aid to Venezuela
    • $22bn trade deals with India
    • 2015 GDP target – 7%
    • 27 / 31 provinces miss target for 2014
    • Foreign tech brands off official purchase lists
  • Major projects – investments
    • Sun Paper to invest $1.36bn in US
    • China Easter to buy 15 Airbus for $16bn
    • AliBaba to invest $4.63 in electronics retailer Suning
    • China’s Bohai bids $2.6bn for aircraft leasing firm Avolon
    • Delta to buy 3.5% of China Eastern for $350
    • $6.5bn set aside for innovation projects
    • New Silk Road given impetus
  • Significant improvements
    • Car production outpaces US (as also does India)
    • 54m car owners
    • Affordable housing target exceeded in 2014
  • China is trying to greener:
    • Pollution is not as bad as predicted; but 75% of cities fail standards
    • Greenhouse gases to peak several years earlier than previously predicted
    • Environment law bites with shutting of plants
    • Beijing shuts 3rd coal fired generator; and no new coal plants to be installed
    • China’s improvements result in global stall of green gases
    • Nuclear energy gains traction – 30GW by end 2015
    • Pollution must be halved to make a noticeable difference
    • 90% cities fail to meet standards in 2014
    • Coal mines being shut due to decreased demands
  • Manufacturing – FDI etc
    • Saab successor to invest $12bn for electric cars
    • China overtakes US in “stuff built”
    • China aims to increase annual car production to 30m by 2020
    • China’s Xiaomi to make smart phones in India
    • Airbus China planning to deliver first A330 in 2018
    • $10bn investment by CISCO
    • Long-term strategy published
    • Panasonic to cease manufacturing in China
    • Foxconn to reduce staff despite high Apple iPhone sales
    • High speed train export improves
  • Employment
    • Guangdong to allow 13m migrants residency status
    • Returning migrant workers face desolate homeland
    • Efforts to reduce labour strife
    • Education not matched to job market
    • Shoe factory strike
    • Government employees to enjoy 31% pay rise (after several years of no rises)
    • Worker anger and protests on increase
  • Economic Reform
    • State enterprises to be cut by 2/3 to c40
    • Major cull of regulations
  • Major acquisitions
    • Delta Airlines buys 3.55% of China Eastern
    • Bohai buys Avalon aircraft leasing company
    • China Life and Ping An acquire % Boston life company
    • ChinaChem acquires Pirelli
    • Fosun acquires 10% of Thomas Cook
    • Anbang buys S Korean insurance firm for $1bn
    • Wanda buys Swiss entertainment firm for $1.2bn
  • Ethnic matters
    • Increased Han migration to Xinjiang
  • Other events
    • Foreign brands losing luster
    • China has filed more patents than anyone elseChina has 30% of Africa’s mobile phones
    • M&S to shut 5 Shanghai stores
    • Hainan Airlines buy 30 Boeings
    • Shaolin Monks to open first foreign temple

Major economic events or changes in 2014

China Focus: Nation rises after 65 years of development – Xinhua | English.news.cn – November 2014

One need look no further than China’s railways to see the enormous development of the country since its foundation on Oct. 1, 1949.

At the 65th anniversary of that formative moment, every Chinese citizen has access to a modern train service. In 1949, the nation’s railways extended only 22,000 km, with half the track in poor condition.

In comparison, the mileage had expanded to 100,000 km by 2013. More than 10,000 km was high-speed infrastructure, and another 12,000 km was under construction at that time.

This modernization is transforming the lives of Chinese people. For Tsering Dekyi, for example, his wish to send his children from their remote home to far-off schools for a better education is no longer a wild dream.

“I heard that the trains are very fast and safe. It takes only two hours from here to Lhasa. I really hope that my three kids will be able to attend schools in Lhasa or inland cities by train in the future,” Tsering Dekyi said from Xigaze City, some 200 km west of Lhasa in southwest China’s Tibet.

This is possible after an extension of the Qinghai-Tibet Railway was put into operation in August, linking Xigaze and Lhasa like never before.

Via the Qinghai-Tibet Railway, launched in 2006 as the world’s highest plateau rail track, Xigaze locals can even travel further off to major cities like Beijing and Shanghai.

Train track mileage is not the only data that makes clear the positive changes in China since 1949. In 2010, China overtook Japan to become the world’s second-largest economy. China is the world’s top goods trader. The nation also ranks third in global investment…

Meanwhile, the 2014 APEC Economic Leaders’ Meeting will come to Beijing in November, with leaders gathering in the Chinese capital to discuss important economic issues for the Asia-Pacific region. China will take center stage once more.

Behind the huge economic achievements made especially since the reform and opening-up policy was introduced in 1978, the nation has made huge, unprecedented strides in providing basic education and welfare for its population of 1.3 billion, the world’s largest.

Sixty-five years ago, a shocking 80 percent of the population were illiterate, but by 2008, free nine-year compulsory education programs were fully implemented across the country. This year, 7.27 million university students will graduate, marking a historical high.

Nutritious meals are being provided to students from poor families with billions of yuan budgeted each year by the government.

About 32.29 million rural students have benefited from the 46.23 billion yuan (7.52 billion U.S. dollars) in subsidies the central government has allocated since 2011, when it launched the nutrition improvement program. Also, more than 10 million university students have completed their studies after being granted student loans under programs adopted since 1999.

The 660 million people that China has lifted out of poverty since 1981account for more than 70 percent of the world’s total.

Meanwhile, the Chinese government has worked hard to provide basic healthcare for its people, with over 95 percent of the population covered by different sorts of healthcare programs by 2011.

However, there remain problems among the achievements, and they must be dealt with increasingly urgently. The issues include restraints on future development from the environment and resources, wide gaps between the wealthy and the poor, industrial overcapacity and imbalanced regional development.

Meanwhile, the Chinese economy must also brave challenges imposed from an economic slowdown after a boom over the past decade, as employment and structural control are key agendas for the government.

In order to cope, the Chinese leadership has showed political courage in pushing comprehensive reforms, including fighting corruption. Overhauls of administrative management, fiscal and financial systems are steadily being carried out as well.

There is no doubting the truth of Chinese President Xi Jinping‘s assertion that today’s China is nearer to its great goal of rejuvenation than at any period in history.

via China Focus: Nation rises after 65 years of development – Xinhua | English.news.cn.

Major economic events or changes in 2013

Section below updated early 2013

China maintained its position as no 2 after the USA in GDP terms in 2011-12. But despite some economists’ optimism, it turns out that the BRIC countries are not immune to the economic problems of developed nations and the economies are not decoupled. Chinese manufacturing and exports are down from a year ago and in some areas 100s of business owners have fled the country and left employees and suppliers unpaid. The final outcome for 2012 is c7.5% and for 2011 is a growth of 9.2% down from 2010 at 10.3%. China is aiming for 8.5% growth in 2013.

Central government is trying to use policy mechanisms to control two opposing forces: inflation and slowdown which some economists deem to be impossible. We saw in 2012 a veering from one set of polices to the other, much as has been happening since the economic crisis of 2008. Having said all of the above, no economist is predicting a hard landing for China. And signs are that the economy is finally turning in late 2012 with several months of increasing manufacturing output.

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