BRUSSELS, April 7 (Xinhua) -- Europe is expected to benefit from the implementation of China's new five-year development plan, said Head of Chinese Mission to the European Union (EU) Yang Yanyi on Thursday.
Successfully implemented, the 13th Five-Year Plan, the country's economic and social development blueprint for the 2016-2020 period, will facilitate the EU's effort to set its recovery on a sustainable path, Yang said at the European Parliament.
The 13th Five-Year Plan, to put China on a qualitative and more sustainable growth trajectory and further galvanize global growth, will be favorable for the 28-country bloc to unlock investment, foster productivity and accelerate the process of convergence, Yang said.
China set its gross domestic product (GDP) growth target in a range of 6.5 percent to 7 percent this year in the plan, trying to restructure its economy into a more sustainable one driven by domestic consumption and service sectors.
The shift will lead to rising demand by China, which is a huge market with the population of over 1.3 billion people, for imports of consumer goods and services, and help boost the EU's exports to China, the ambassador said.
The world's second largest economy, according to the Plan, will speed up the implementation of its free trade strategy, which is supposed to boost negotiations on investment agreement between China and the EU as well as moving towards broader ambitions including China-EU free trade agreement.
Meanwhile, European companies will enjoy more opportunities to use their technological forte to gain foothold in the Chinese market including in such areas as innovation, connectivity, information technologies, urbanization, finance, clean energy, services and circular economy, the ambassador said.
China and the EU are both major partners to tackle climate change. In the 13th Five-Year Plan, China outlined ambitious target to cut its carbon dioxide emissions by 18 percent by 2020.
China's moving toward a cleaner, greener model of economy will have big implications for the environment and China-EU cooperation on climate change, Yang said.
China has set 2020 as the target year to realize the first "centenary goal" of building a moderately prosperous society in all respects, pledging efforts to double GDP and per capita personal income from the 2010 level.
The five-year plan aims to keep medium-high growth in the next five years. By 2020, the size of China's economy is expected to exceed 90 trillion yuan (13.8 trillion U.S. dollars), compared with 67.7 trillion yuan in 2015.
In March, Chinese lawmakers voted in favor of the five-year plan during the annual session of the National People's Congress.
GST or Goods and Services Tax is considered as major Tax reform policy in India which will be implemented anytime after April 2017. Most Economist are very positive about GST implementation. We have brought you some Facts about GST or Goods and Services Tax which you should know Xander Bogaerts Red Sox Jersey , this includes advantages and disadvantages of GST as well. Facts About GST鈥?mdash;鈥奧hat is Goods and Services Tax The Goods and Service Tax or GST is a taxation system where there is a single tax in the economy for goods and services. This taxation system is meant to create a single taxation system in the entire country for all goods and services. Facts About GST鈥?mdash;鈥夾dvantages 1. GST is a transparent Tax and also reduce numbers of indirect taxes. With GST implemented a business premises can show the tax applied in the sales invoice. Customer will know exactly how much tax they are paying on the product they bought or services they consumed. 2. GST will not be a cost to registered retailers therefore there will be no hidden taxes and the cost of doing business will be lower. This in turn will help Export being more competitive. 3. GST can also help to diversification of income sources for Government other than income tax and petroleum tax. 4. Under Goods and Services Tax, the tax burden will be divided equally between Manufacturing and services. This can be done through lower tax rate by increase Tax base and reducing exemptions. 5. In GST System bothe Central GST and State GST will be charged on manufacturing cost and will be collected on point of sale. This will benefit people as prices will come down which in turn will help companies as consumption will increase. 6. Biggest benefit will be that multiple taxes like octroi David Ortiz Red Sox Jersey , central sales tax, state sales tax Jim Rice Red Sox Jersey , entry tax, license fees Ted Williams Red Sox Jersey , turnover tax etc will no longer be present and all that will be brought under the GST. Doing Business now will be easier and more comfortable as various hidden taxation will not be present. In the amended Bill a cap Of 18% GST will be applicable on Goods and Services through the country. Because of this Prices of Those Goods and services on which we used to pay taxes below 18% will be increased. For example right now we pay around 4–5% Tax on packaged foods. But after GST the total tax on these products will definitely go up which will increase its retail price. Similarly Jewelery, Mobile Bill Pedro Martinez Jersey , Credit Card Bill, Services rates will also go up. And Prices of those goods and Services on which we used to pay taxes above 18% will be reduced. Fr example taxes will be reduced on Mini SUV for which we are paying 30–40% Tax right now. After GST it will be reduced to 18%. Similarly Consumer goods like AC Bill Lee Jersey , Refrigerator and Transportation cost will also go down. More than 150 Countries have implemented GST and each of them faced Rise in Inflation for next 3–5 Years. Facts About GST鈥?mdash;鈥奃isadvantages 1. Critics say that GST would impact negatively on the real estate market. It would add up to 8 percent to the cost of new homes and reduce demand by abou. Wholesale JerseysWholesale JerseysWholesale HoodieWholesale JerseysCheap Jerseys OnlineWholesale Soccer JerseysWholesale MLB Jerseys From ChinaCheap Jerseys ChinaCheap Jerseys From ChinaCheap College Jerseys