Here are some of China’s New Year resolutions to boost its economy
Associated PressBANGKOK — China’s leaders are bracing for shocks to the economy from higher tariffs threatened by U.S. President-elect Donald Trump once he takes office. The recycling that began last year has led to the replacement of 6.5 million fuel-powered vehicles with electrics and hybrids since June, officials of China’s main planning agency said Wednesday. However, Zhao Chenxin, head of the National Development and Reform Commission, China’s main planning agency, said the government plans to announce “significantly larger” scale long-term treasury bonds to finance such spending. The Chinese currency, also called the renminbi, or “people’s money,” has weakened against the U.S. dollar and other currencies, putting pressure on its financial markets. A recent report by Xinhua called for ensuring “correct public opinions” that are aligned with creating “a mainstream public opinion of unity and progress.” But talking up the economy can obscure hard realities, said a recent report by the think tank Rhodium Group, which estimated China’s actual economic growth last year at 2.4% to 2.8%, well below the official estimate of about 5%.
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