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Hou Yunchun: 2019 Domestic Macro-economic Situation

https://en.steelhome.com [SteelHome] 2019-04-22 10:46:39

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15th Steel Development Strategy Conference, host by SteelHome, was successfully held in International Convention Center during April 12-14, 2019. Around 1000 delegates from governments, associations, steel mills, miners, traders, research institutes attended the one of biggest events in China steel industry.

8th International Raw Materials Supply Chain Summit, 9th Coal & Coke Development Strategy Conference, 7h China Commodities E-Commerce Summit and 2019 SteelHome Spring Report were simultaneously held.

On the morning of April 13, Hou Yunchun, CPPCC National Committee member and president of the China Enterprise Evaluation Association, made a report on "2019 Domestic Macro-economic Situation”

 

Hou Yunchun, President, China Enterprise Appraisal Association

Summary of speeches

The two sessions: employment, environmental protection, China's economic development trend and Sino-US trade wars are hot spots. GDP in 2018 is 90 trillion yuan (136,000 US dollars), GDP per capita is close to $10,000.

China's economy is currently at a stage driven by innovation. The drive to economy has shifted from investment and export to the expansion of consumption.

From the Engel coefficient, the data in 2017 is 29.39%, and in 2018 28.4%, indicating that China is affluent at this stage.

The largest space of China's development is in the tertiary industry, but the manufacturing industry cannot be ignored. In 2018, the urbanization rate is 59.58%, and after removing the floating population, it is about 50%. The 50% urbanization rate shows two important problems: First, urbanization is in the fastest period; second, it is the cordon of lots of contradictions.

The followings are inevitable to human development: A new round of technological revolution, a stage for human transforming from the industrial age to the intelligent one, the traditional industry embracing the digital economy, and the development of economic globalization.

In 2019, the risks and difficulties faced by the economy are greater. We cannot be optimistic about the global economy, but also cannot be pessimistic about China’s economy.The global economic growth rate predicted at the beginning of the year was 3.3%. Recently, the forecasts of the economic growth rate of the major institutions in 2019 have experienced different degrees of decline compared with the beginning of the year. Only China's economic growth rate increased.

Forecast in 2019: 1. The decrease of global economic growth rate is inevitable, and it is more pessimistic than the beginning of the year. 2. The United States no longer raises interest rates, and the economy faces more uncertainty. 3. China's economy is stable and the trade war is coming to an end. Both China and the United States have signs of concession.


(To contact the reporter on this story: leo.ji@steelhome.cn or 86-555-2238932)
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