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China, on the other hand, is concentrating on improving the real economy and is following a much less risky monetary and fiscal policy course. At the same time, Chinese industry is being restructured toward higher value products with world-leading technology. And China is taking many steps to move toward more efficient market-based institutions.
China's urban unemployment rate fell to 3.97 percent in the first quarter, the lowest rate since 2002, according to data from the Ministry of Human Resources and Social Security.
Chinese President Xi Jinping (L) welcomes visiting Sri Lankan President Maithripala Sirisena in Beijing on March 26, 2015. [Photo/Xinhua]
China's top legislature adopted an amendment to the Individual Income Tax Law on Friday, raising the minimum threshold for paying personal income tax from 3,500 yuan (0) to 5,000 yuan per month, or 60,000 yuan per year.
China's policies of upgrading its industry to higher value-added products and redirecting exports through the Belt and Road Initiative are important ways to prepare for the inevitable currency shocks to come.
