A worker monitors container operation at Zhoushan port in Ningbo, Zhejiang province. [Photo/China Daily]
China's economy grew in the first half of 2017 at an annual pace of 6.9 percent, which indicates a steady growth in line with the government forecast of 6.5 percent to 7 percent of growth.
The composition of the increase, where the major contributor and the one growing the fastest is the tertiary sector, show the economy has continued to consolidate a shift from manufacturing to services in the new normal.
While the figures look positive, China's economy still has issues to solve to continue with its steady growth. For example, the existence of companies with an overcapacity in the manufacturing sector are a burden to the country with their large accumulated debt and it is something that must be dealt with. The existence of speculation in the property sector, which had an increase in prices, creating the conditions of a bubble, is another example. However, in these two fronts the government is taking steps; especially, with overcapacity in the steel and coal industries, which must be deal with promptly as they represent a burden on the state finance and also contribute to environmental pollution.
China has launched a new pilot program to allow eligible enterprises greater access to overseas financing in support of green and low-carbon transformation projects, the country's foreign exchange regulator said on Aug 21.
To further streamline the experience, China is expanding tax refund stores, broadening the range of refundable goods, and refining refund procedures, ensuring an efficient and seamless shopping experience for global visitors.
