China to invest 507.6 billion yuan onpublic-private partnership
By Abu BakarrKargbo – Sierra Leone
The Peoples Republic of China is working very hard to unleash potential of domestic demand by broadening its economic activities at home and across the globe. Being one of the economic giants in the world, the China hopes to invest 507.6 billion yuan (about US$74 billion) to expand public. Private partnerships, guiding more investment into initiatives to strengthen weak areas, drive structural adjustment, encourage innovation and improve people’s lives.
Addressing a news conference on Saturday, the Chinese Minister of Commerce, Zhong Shan said the good economic reforms put in place by his government have made China capable of global economic governance. “We are committed to promote China’s opening up and ensure major development in commerce, such as the Belt and Road project, in which about US$3 trillion was invested by last year as it continues to create impact in countries that have so far benefited from it,” Shan said.
Zhong Shan, China’s Minister of Commerce
China continues to make major impact in foreign trade. The country’s has enjoyed a steady growth from US$20 billion in 1979 to US$3.69 trillion in 2016. Foreign Trade has provided jobs to over 180million people and tax revenue in the sector accounts for 18% of the Chinese economy.
China’s exports for January and February combined rose 4.0 percent from the same period last year, while imports surged 26.4 percent, suggesting solid improvement in demand domestically and abroad.
The Chinese Commerce Minister revealed that though there are risks and challenges involve, they are rather capable to maintain and accelerate foreign trade growth. “We will build growth drivers in China’s exportation to consolidate our strong position in shifting from quantity to quality. We are hopeful that the dreams to become a strong nation have been achieved,” the Minister said.
On the China-United States relationship, the Commerce Minister described it as creating directing direct impact in trade and economy in the world.
The two countries account for 23% of the global population. The US export to China continues to grow at an average of 11%, whilst that of China to the US stands at 5.6%; showing clearly that both countries need each other. “A trade war would not benefit either country or either country’s people, you could say it would have no advantage whatsoever,” Minister Shan told reporters.
Vice Finance Minister Zhu GuangyaoChina said recently that China should moderately control its budget deficit ratio as the country has left its 2017 budget deficit target unchanged from last year’s goa.
China has maintained a budget deficit target of 3 percent of gross domestic product for this year, underlining its focus on debt reduction and reform.
“We came up with the 3 percent deficit ratio after a process of careful assessment,” Zhu told reporters on the sidelines of the annual meeting of parliament. “We should moderately control the deficit ratio.”
The deficit target has been set at 2.38 trillion yuan ($344.68 billion), compared with 2.18 trillion budgeted a year earlier. That followed official data showing GDP grew 6.7 percent in 2016. The government has set a GDP growth target of about 6.5 percent for this year.
“Three percent is on par with last year, but because the size of our economy is larger, our actual deficit grows by 200 billion yuan,” Zhu said.
Beijing has tightened controls in recent years on new local-government debt to stave off risks from a binge of borrowing taken on to soften the impact of the global financial crisis.
China in 2015 announced a $60 billion funding support for Africa at the sixth Summit of the forum on China-Africa cooperation that was held in Johannesburg, South Africa, in 2015.
President Xi Jinping pledged to promote development and create “win-win cooperation.” He stated that funding is focused on ten areas, including infrastructure projects, aid for drought-stricken nations and thousands of scholarships for African students. President Xi pledged to provide assistance to upgrade African health care facilities, train journalists, and provide satellite reception to many African villages.
China’s Vice Commerce Minister, QuanKeming who is in charge of Africa Affairs reaffirmed his government commitment to continue supporting African Countries in order to enable them catch up with the development trend in the world.