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Hainan to be focal point of reforms
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Targeted steps unveiled to lift consumption
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Jiangsu outdoes many world economies By CANG WEI in Nanjing | CHINA DAILY | Updated: 2021-01-28 07:22 Workers test touch screens at Jiangsu Huake Chuangzhi Technology Co in May in Suqian, Jiangsu province. [Photo/Xinhua]
The GDP of Jiangsu province increased by 3.7 percent to reach 10.27 trillion yuan ($1.59 trillion) in 2020, surpassing 90 percent of the world s economies, according to local authorities.
It surpassed the 2019 GDP of Spain and Australia and almost equaled South Korea s 2020 GDP, according to Suning Institute of Finance, which is a research institution under Suning Finance.
China s GDP grew by 2.3 percent in 2020 to reach 101.59 trillion yuan, and Jiangsu now accounts for more than 10 percent of the country s economy.
Regulator vows fillip to domestic consumption By OUYANG SHIJIA and ZHOU LANXU | China Daily | Updated: 2021-01-20 09:15 Share CLOSE Tourists shop at a duty-free shopping mall in Sanya, South China s Hainan province, on March 12, 2020. [Photo/Xinhua]
Efforts to boost domestic consumption will be intensified this year to spur economic recovery despite the mounting uncertainties, according to the country s top economic regulator.
China will also strive to improve the purchasing power of consumers, improve the consumption environment and create more consumption growth points, said Yan Pengcheng, director of the Department of National Economy at the National Development and Reform Commission.
Yan said the country will remove certain administrative restrictions on consumption and purchases and encourage areas that have restrictions on car purchases to increase the number of licensed vehicles. However, more efforts are need
Steady uptick in production at factories By OUYANG SHIJIA | China Daily | Updated: 2020-12-16 08:57 Share CLOSE An employee works on the production line of an automobile company in Qingzhou, Shandong province. [Photo by Wang Jilin/For China Daily]
Economic recovery gathers pace as key gauge higher for eighth straight month
China s value-added industrial output rose for the eighth straight month in November, as economic recovery gathered pace and factories stepped up production, according to official data on Tuesday.
The added value of industrial enterprises above a designated size rose by 7 percent on a yearly basis in November, expanding at the fastest pace since March 2019, data from the National Bureau of Statistics showed.
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