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China's new era will prove to be of major significance for the rest of the world, according to former UK prime minister Tony Blair.
China's non-performing ratio declined in the fourth quarter of 2016, the first time since 2012, suggesting that the loan losses that have posed risks to the country's financial market are finally easing. At the end of 2016, lenders saw the ratio of their non-performing loans fall to 1.74 percent, slightly down from 1.76 percent a quarter ago.
China's fiscal deficit increased from 2.18 trillion yuan in 2016 to 2.76 trillion yuan in 2019. This year, it was raised to 3.76 trillion yuan to mitigate the negative effects of the COVID-19 pandemic. The fiscal deficit ratio has risen to 3.6 percent of GDP this year, the highest level since the founding of the People's Republic of China in 1949, according to the ministry.
China's economy expanded 6.9 percent in the first three quarters, well above the target of around 6.5 percent for the whole year.
China's instant food market, where noodles and frozen food reigned supreme once upon a time but fell upon bad times due to the rise of food delivery firms, is not only recovering but set to grow rapidly again.
