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China Unveils Economic Blueprint for 2016
Keywords:
Tags: Current Focus, China,
The effort to shift China's economc growth away from the rampant overbuilding in housing and industrial capacity of the past to domestic consumption, and focus on meeting the demand for better medical care, quality of food, education and other quality of life products. China's leaders met at the Central Economic Work Conference in Beijing in Dec. 2015 to work out ways to make this shift so that growth rate of 6.5% and other goals can be met. Plans include reducing industrial overcapacity, dealing with overinvestment and unused inventory in housing, reducing financial risks from high corporate debt to GDP ratio approaching 160% estimated by Standard and Poors Ratings Services. By comparison the U.S. debt to GDP ratio is 70%. A steep rise resulted from the huge China stimulus program of 2008-2009, when the ratio was 98% for China. Experts such as Derek Scissors of the American Enterprise Institute are pessimistic about the prospects of successfully implementing reforms, saying reducing industrial overcapacity was a goal of the new Jinping Li-Keqiang leadership in 2013, but not much progress has been made in 2 years.
The Central Economic Work Conference in Dec. 2015 and China's economic plan for 2016
12/22/2015
China's top leaders meet in Beijing to chart the future course of the economy. Growth rate is expected to be more L shaped than V shaped as the target for growth is lowered to 6.5%. Large stimulus is ruled out. And efforts will be made to reduce industrial overcapacity, better allocation of resources away from housing to increase domestic consumption, improving access to medical care, education and other quality of life improvements.
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