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BEIJING Wholesale Anthony Davis Jersey , Jan. 29 (Xinhua) -- Quality has outweighed pure speed in economic growth in the eyes of local government officials as China deepens its structural supply-side reform.


At the annual provincial legislative sessions, different economic growth performances last year, and targets set for this year, with supporting measures ranging from innovation to opening up, have highlighted the vital transition.


China's GDP expanded 6.9 percent in 2017, picking up for the first time in seven years. Yet more than half of its 31 provinces, regions and municipalities saw their economic growth rates slow last year. Tianjin slowed the most Wholesale Jrue Holiday Jersey , from 9 percent in 2016 to 3.6 percent in 2017.


The GDP of southern Guangdong Province and eastern Jiangsu Province reached nearly 9 trillion yuan (1.4 trillion U.S. dollars) and 8.6 trillion yuan last year, respectively, ranking first and second among 31 provincial-level regions.


The GDP of Shanghai grew 6.9 percent year-on-year to hit 3 trillion yuan, ranking the first among cities.


As good results from structural reform, the GDP of coal-rich Shanxi Province grew 7 percent last year, compared with 4.5 percent in 2016. The northeastern Liaoning Province, part of the old industrial base Wholesale Rajon Rondo Jersey , reported 4.2 percent growth from a 2016 contraction.


Drawing development blueprints, a number of places such as Tianjin, Anhui, Gansu, Chongqing and Inner Mongolia, lowered their expected growth targets for 2018 compared with the ones they had set for 2017.


The change highlighted the pursuit of high-quality development at the local level after decades of rapid growth, which has made China's economy rise to the world's second largest after the United States.


"The adjustments of targets show local governments put less emphasis on the pure expansion of GDP and pay more attention to structural reform Wholesale Omer Asik Jersey ," said Zhang Peng, assistant researcher with the Chinese Academy of Social Sciences.


Central China's Hubei Province lowered its target from around 8 percent for 2017 to 7.5 percent this year.


"The adjustment is practical. With the hard task of cutting overcapacity and high environmental protection standards, Hubei needs to leave space for economic transition," said Zou Wei, a provincial political advisor and professor of Wuhan University.


While pledging to further reform in their pilot free trade zones, coastal Tianjin, Shanghai Wholesale DeMarcus Cousins Jersey , Zhejiang and Guangdong listed the exploration of the construction of free trade ports as their work agendas this year.


The moves came after the 19th National Congress of the CPC in October last year, which said the country would grant more powers to pilot free trade zones to conduct reform and explore the opening of free trade ports.


Ying Yong, mayor of Shanghai, said the city planned to apply a negative list approach to market entry, which states sectors and businesses that are off limits to foreign investment. The move is expected to give foreign firms greater opportunities in China's market.


Tianjin authorities regard 2018 as a decisive year for the port city's economic transition and set a 5-percent growth target this year.


The eastern Shandong Province set up a government fund of 40 billion yuan in January to foster new growth drivers in high-tech and emerging sectors and boost opening-up.


Overcapacity cutting remains one of the priorities. Shanxi will further cut its outdated coal production capacity by around 23 million tonnes this year in an effort to improve the environment.


The country's leading steel and iron producer Hebei Province aims to cut production capacity of steel and iron, and coal, by 10 million and 10.6 million tonnes Cheap E’Twaun Moore Jersey , respectively, this year, and eliminate all zombie enterprises in the steel industry.


"The province will draft a three-year plan to continue pushing forward industrial reform through market and law-based means, and stricter standards in quality, environmental protection, energy consumption and safety," Hebei governor Xu Qin said.


To boost innovation Cheap Solomon Hill Jersey , Guangdong will increase the percentage of R&D expenditure in its GDP to 2.7 percent this year, while Shanghai will keep its 3.8 percent level.


"A feature of the new era is the pursuit of high-quality development," said Xu Hongcai, an economist with the China Center for International Economic Exchanges.




CHINA’s asset-backed securities (ABS) market saw tremendous growth last year, driven by a rise in the issuance of consumption-related securitizations, a report showed.


In 2017, the volume of new issuances surged 64.7 percent to about 1.5 trillion yuan (US$236 billion) Cheap Jordan Crawford Jersey , making China the world’s second-largest securitization market in terms of new issuance volume, according to a report by Pengyuan International, a credit rating company.


Consumption-related securitizations have experienced explosive growth, with auto loan ABS surging 85.6 percent to 109 billion yuan.


The sharp increase in the issuance of consumption-related securitization was driven by China’s transition to a consumption-based economy and firms’ incentives to diversify their funding sources and lower funding costs through securitization, the report said.


China’s consumption growth and e-commerce development contributed to a rise in consumer loans, which in turn fed consumption-related ABS issuance growth.


The rating agency expects China’s ABS market to continue to grow in 2018, but at a moderate pace.


“Due to the new policies on regulating consumer-loan originations Cheap Alonzo Gee Jersey , consumer loan ABS issuance in 2018 might not able to keep pace with the previous year,” it said.


The issuance of transactions backed by commercial real estate assets will continue to increase, driven by favorable policies in the housing rental market and property developers’ incentives to diversify their financing channels,
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