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 Geplaatst: 03-09-2018 06:58:29 Onderwerp: World Bank loan and a co |
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China's economy ended 2017 on strong footing with a better-than-expected growth rate and improved structure Axel Witsel Jersey , official data showed Thursday.
Tourists visit a characteristic town in Guantao County, north China's Hebei Province, July 19, 2017. China's economy grew 6.9 percent year on year in 2017, well above the official target of around 6.5 percent, data from the National Bureau of Statistics (NBS) showed Thursday. Gross domestic product (GDP) totaled 82.71 trillion yuan (about 12.84 trillion U.S. dollars) in 2017, with the service sector accounting for more than half of the total. (XinhuaMu Yu)
The world's second largest economy expanded 6.9 percent year-on-year in 2017, higher than the 6.7 percent growth registered in 2016, data from the National Bureau of Statistics (NBS) showed.
The reading marked the first acceleration in the annual growth pace in seven years and was well above the official target of around 6.5 percent.
"Major macroeconomic indicators all beat market expectations, pointing to economic stabilization," said Ning Jizhe, head of the NBS.
Growth in the fourth quarter came in at 6.8 percent, unchanged from the rate seen in the third quarter.
Gross domestic product (GDP) totaled 82.71 trillion yuan (about 12.84 trillion U.S. dollars) in 2017, with the service sector accounting for more than half of the total.
Consumption was the major growth driver, contributing 58.8 percent to GDP growth last year.
The strong growth was also helped by robust trade, which reversed a downward trend seen in the previous two years and contributed about 9 percent to GDP expansion in 2017.
A breakdown of the data showed improved economic structure, with new growth drivers emerging and outdated capacity fading.
New-energy vehicles, industrial robots, solar power and integrated circuit outshone most other industries in terms of output, growing 51.1 percent, 68.1 percent, 38 percent and 18.2 percent, respectively, year on year, contributing to a pick-up in industrial output growth in 2017.
On the other hand, mining and cement sectors saw their output decline 1.5 percent and 0.2 percent, respectively, while the textile and coal industries only grew 4 percent and 3.2 percent, respectively.
The data also showed strong consumption potential in rural areas, with retail sales surging 11.8 percent last year, outpacing the 10 percent rate in urban areas.
Private investment reached 38.15 trillion yuan, up 6 percent year on year, 2.8 percentage points faster than the previous year, accounting for 60.4 percent of the total investment.
BEIJING, Dec. 18 (Xinhua) -- The World Bank has approved a 150-million U.S. dollar loan to southeastern Chinese province of Jiangxi to improve its farm produce distribution system, the bank said in a statement.
The loan will benefit over 200,000 farmers through more efficient farm-to-market supply chains, according to the statement.
"Despite the rapid development of produce markets in China, farm produce logistics remains a bottleneck in the distribution system and has hindered producers' potential for more efficient production and higher incomes," said the statement.
The World Bank noted that in Jiangxi, the agricultural sector represents 13.8 percent of GDP yet involves 54.3 percent of the population. Inadequate market infrastructure, storage and transport services, and information systems have contributed to low farm-gate prices, and little incentive for farmers to improve product quality.
"Geographically, Jiangxi is close to the major urban markets of Shanghai, Guangzhou and Hong Kong, with well-developed transportation routes by road, air, and the Yangtze River. There is potential for growth through accessing these high value urban markets, if bottlenecks in the distribution system can be minimized," said Xiaolan Wang, World Bank's senior operations officer and project team leader.
"Through the new project, we will work with Jiangxi to address the key bottlenecks in each of the selected value chains and modernize the farm produce distribution systems, which will eventually increase the incomes of farmers." Wang said.
The project will increase the efficiency and productivity of production logistics and farm systems,including the integration of systems to collect, sort, package and store agricultural products. It will support farmer cooperatives in their purchasing of business equipment, access to markets, product certification, and e-commerce development.
For the first time, the project will use a partial risk guarantee mechanism to improve farmers' access to credit from local commercial banks.
The project will be implemented in eight counties of Jiangxi Province from 2018 to 2023. The total cost of 198.28 million U.S. dollars will be financed by the World Bank loan and a counterpart fund of 48.28 million U.S. dollars from Jiangxi provincial government and the participating counties.
Technical assistance and training will be provided under the project.
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