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China's plan to free up the yuan fully could take some more time to achieve as the current top priorities for the government are to maintain a stable currency value and prevent risks from cross-border capital flows, economists said.
China's year-on-year GDP growth fell to 6.9 percent in 2015, dropping below 7 percent for the first time since 1991, and it dipped further to 6.7 percent last year. The country is rebalancing its economy from external, export-driven and manufacturing production-based, to more internal, consumption-based, and it is shifting its focus from the manufacturing to nonmanufacturing sectors, which has contributed to the moderation in recent years, Sawada said.
China's top securities watchdog on Tuesday vowed a tougher crackdown on fraudulent initial public offerings. [Photo provided to China Daily]
China's total auto sales rose 4.33 percent to 15.95 million units, and the output rose 3.52 percent to 16.1 million units, the data showed.
Chinese Ambassador to the US Cui Tiankai speaks on Thursday in Washington at a reception marking the 20th anniversary of Macao's return to the Chinese motherland, which falls on Friday. [Photo by ZHAO HUANXIN / CHINA DAILY]
