And he wants to give it to them.
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Well, isn’t that always the case?
Innovation: China’s rapid development of the last 30 years mainly relies on reform and innovation, which remain the main drivers for the future.
“The global perception of Australia is [that] Australia is just a big mine and that with resources prices having fallen and the commodities prices under pressure Australia is going to have a hard time”, Mr Bloxham said after releasing a 40-page report on Australia’s next opportunities in China on Wednesday.
Most famously, a plenum in late 1978 sealed Deng Xiaoping’s re-emergence as a dominant leader and opened the way to market overhauls that transformed the economy over the next decade.
The comments are the clearest indication yet that Beijing will reduce its target growth rate from the current “around seven percent”, after expansion slowed last quarter to its lowest pace in six years.
Premier Li Keqiang has said that China needs annual growth of at least 6.53% over the next five years.
The government may favour annual growth of between 6.5 percent and 7 percent for 2016-2020, a few sources say. The hope is this will be more sustainable compared to trade and investment.
China aims to integrate clusters of cities into new megalopolises and to build more highways and railways.
As China’s economy shifts its growth from being investment-led to being consumer-driven, Australia’s next growth opportunities are expected to increasingly come for the services sectors.
“The 6.5-percent growth target is achievable as per capita income is still low in China and there’s still much potential for growth”, Liu Ligang, chief economist for Greater China with ANZ Banking Group, told AFP, adding, “But structural problems will pose a difficulty for China’s growth, including the heavy debt of corporations and local governments”.
“Maintaining a medium-to-high level of growth is conducive to improving people’s livelihoods so that they can truly benefit from the success of the country in comprehensively building a moderately prosperous society”, Xi Jinping was cited as saying by the Xinhua News Agency.
The change to the birth control policy means the end of the one-child policy, allowing all couples to have two children.
Mr. Xi said a minimum of 6.5% growth is needed to realize Beijing’s goals of doubling people’s average income and doubling the size of China’s economy from 2010 to 2020-objectives linked to the 100th anniversary of the Communist Party in China.
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The Chinese government has set its sights on securing a place for the yuan in the basket alongside the U.S. dollar, the euro, the British pound and Japanese yen as part of its goal of raising the global profile of the currency. China announced Tuesday, November 3, 2015 it will allow its tightly managed yuan to trade freely by 2020, potentially easing trade tensions with the United States and other nations. They made the remarks at the 2nd Understanding China worldwide Conference in Beijing, which concluded on Tuesday. “The central bank will probably continue to intervene in the foreign exchange market this week to prop up the yuan”, said Mr Kenix Lai, a foreign-exchange analyst at The Bank of East Asia.
