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Premier Li on the CPPCC published the Government Work Report

Premier Li on the CPPCC published the Government Work Report, setting the key growth target for 2017. GDP growth target is expected to be 6.5%, government deficit target to be 3%, CPI to be 3%., and the unemployment rate to be 4.5%.
Last year, the GDP growth rate was 6.7%, with total GDP reached 74.4 trillion yuan. CPI increased by 2%. Industrial profitability turned positive from -2.3% in 2015 to 8.4% in 2016.

Xi to push ahead with SOE reforms?

Chinese President Xi Jinping attended the Fifteenth Central Leading Group on Finance and Economic Affairs, which is often regard as an important reference for the National People’s Congress in March. At this meeting, he pointed out to speed up reform this year, along three main axis. In my view, reforms should always be carried out carefully and the timing and depth of such reforms is key.

China Labor Cost continues to rise: Middle Income Trap?

On Saturday, I attended a job fair held at Shanghai Stadium. I stopped and talked to many of the companies trying to recruit new workforce – a typical scene post New Year – and many told that they cannot find anyone. The average manufacturing industry salary in China has increased by 300%, to 3.6US$ per hour in last ten years. The current salary has exceeded Brazil, Mexico, and it is catching up with Greece and Portugal. Although manufacturing industry is one of the leading industries, thus employing large number of people, the average salary nationwide has also growth from 1.5 dollars per hour to 3.3 dollars per hour over the last 10 years.

Geraci hopeful about President Mattarella visit to China

The president of Italy is currently in china for an official state visit. This state visit comes at an interesting time for both China and Italy: the two countries are engaging more than before into a commercial dialogue of mutual respect and common interests, trade between the two counties shows good sign of improvement and Italian trade deficit appears to narrow slightly and capital investments made in the past couple of years have all helped improve the image that the Italian Business community has of China.

Geraci: “The EU just does not get how to deal with China”

Chinese Foreign Minister Wang Yi claimed that China has been consistently supporting the European integration and China is willing to work with the European side for the world’s peace and development. To understand China’s continuing official declaration of support for the EU and the unity of Europe, we also have to bear in mind that sometimes China uses each one of the 28 members of the EU as 28 potential choices of entry. What the EU sees as a strength, that is its own unity, China sees it as EU weakness, because China’ strategy is one of Divide et impera.

China issues Doc #1: focus on income gap, but…

China’s first central document of 2017 promises to maintain the drive to resolve rural issues on the road to a moderately prosperous society by 2020. The first policy statement of year is widely referred to as the “No 1 Central Document.” For the past 14 years, it has been devoted to agriculture, farmers and rural areas. The Chinese government is facing the classic dilemma of: on one hand trying to increase the living standard of the rural population and at the same time narrowing the Urban-Rural income gap.

La Germania è un macigno per la crescita Europea.

Prof Alberto Bagnai, intervistato da TGCom24, ci ricorda che gli stati Europei hanno dimenticato il principio di autodeterminazione, dal momento che le scelte dei paesi sono ormai in mano a Brussels. Il debito pubblico italiano sarebbe convertibile in Lire e, nonostante la cosa non sia semplicissima, il problema diventa tanto più complesso quanto più si posticipa la possibile uscita dell’Italia dall’Euro. Il mio commento è che è ormai giunto il momento di affrontare la questione in modo oggettivo, non legato alle politiche. Suppongo che sia chi sia a favore sia chi sia contro l’uscita dall’Euro abbia a cuore il benessere degli Italiani. Propongo una conferenza dove si discutano questi temi, e che il parlamento e governo italiano, per una volta, dimentichino il proprio partito di appartenenza e si discuta di contenuti ..al più presto.

EU and its citizens

“Europe 2017: Make It or Break It?” is the tile of a conference organised by ISPI and LUISS University and held in Rome on Jan 24th. Participants included Giorgio Napolitano, Mario Monti and so on. It was quite a high level of discussion on the challenges and opportunities that Europe faces today, ranging from the migrant crisis to banking Union to the role of EU and the European Commission and of course Brexit and the Euro.