The China Economic Quarterly is a quarterly market outlook prepared by PwC to share the latest economic and policy updates. This issue provides an analysis of major economic data points in China for Q1 2018. It also summarises main policy developments and discusses hot topics of interest. China’s year-on-year GDP growth in the first quarter of 2018 again increased by 6.8%, the same rate as the third and fourth quarter of 2017.
Here are some highlights of the Q1 updates:
Further opening up of the financial sector
The recent measures announced by Yi Gang, Governor of the People’s Bank of China, will further open up the banking, asset management, securities, mutual fund management, futures, and insurance industries to foreign companies. China’s capital markets are also making progress to be more internationalised. As a result, we expect China’s financial sector would be more competitive and efficient in the next few years. Ultimately, the financial sector would get better at serving the real economy and boosting economic growth and development.
Hainan aims to be China’s Hawaii with the support of policy measures
In 2017, Hainan attracted about one million international tourists. A new 30-day visa-free policy was implemented for citizens from 59 countries starting 1 May 2018. “China welcomes investors worldwide to invest and start their business in Hainan and participate in the building of a free trade port there”, says China’s President Xi Jinping at a celebration marking the 30th anniversary of the establishment of Hainan Province.
“Life begins at forty”-- China’s reform and opening up to reach historic highs in 2018
A few weeks ago, President Xi called for further boosting China’s opening up during a keynote speech at the opening ceremony of the Boao Forum for Asia. Taking a broad view of a series of announced and upcoming reform measures, it is certain that China’s reform and opening up will reach historic highs in 2018.
Policy measures will unleash economic vitality in many sectors and fields which will become a major force for economic development in the next ten to twenty years. These measures will have a dramatic impact on China’s current and future economy, as well as on the whole of its society.
China Central Markets Leader and China and Hong Kong Entrepreneurial and Private Business Co-Leader, PwC China
Tel: + (21) 2323 3029
Strategy and Innovation Leader, PwC China
Tel: + (10) 6533 8008