Italy will hold a referendum on constitutional reform in December 4th. Although Renzi has carried out a series of reforms since he took office, Italian people are very disappointed with the low economic growth in Italy. As OECD forecasted, Italy’s economy will grow by 0.8% this year, 0.9% and 1% in 2017 and 2018, respectively. “It seems that Italy can’t see any hope in its future. “While interviewed by 21st century business herald, Geraci said, “Currently Italian economy and social conditions are in the doldrums. Lot of young people who cannot find jobs left Italy, which worsen the aging problem for the country.”
I was interviews by AgiChina to discuss the recent tightening of capital control imposed by the Chinese Government. This new regulation just, once again, shows that the opening of the Capital account and the consequent internationalization of the RMB are likely to be affected. It is still a long way, and for one step forward there is one (or more) step backward.
Over the first three quarters in 2016, Chinese economy continuously increase at the rate of 6.7%. Head of Chinese economy of State Council Liqun Zhang said when determining whether economy has reached bottom, a very important indicator is investment. Infrastructure increased 19.4% over the 9 months and this investment can stablize total investments.
GDP increase rate is 6.7% in the third quarter, reaching the lowest level since 2009. Real estate has contribute 8% of overall GDP from Jan to Sep. Consumptions’ contribution increased by 13.3%, reaching 71% of total drivers. Bet nex export is still below zero, with 7.8% Additionally, the unemployment rate is under 5% for the first time in three years.
When Michele Geraci was interviewed by CRI, he showed great appreciation for the “Innovation growth model”, which is proposed in G20, at Hangzhou, China. “The introduction of innovation in the agenda of G20 is a very positive thing, and it is the first time that we put it in the foreground of the G20, and also, it is very important that this time the G20 is held in China. It is China that is taking the lead at this meeting, and it is China that needs to change its development model and base it more on innovation.