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Commerce Minister expects China will grow at quick pace in 2016
CHINESE Commerce Minister Gao Hucheng expects China's economy to grow at a quick pace this year.
Consumption accounted for 66.4 per cent of China's gross domestic product growth in 2015, the statistic's bureau said in January.
Mr Gao told a news conference that fluctuations of the yuan would not impact trade performance, and added that neither depreciation or appreciation of the yuan would benefit China's trade, reported the South China Morning Post.
The yuan has dropped by a further three per cent against the US dollar after China devalued its currency by nearly two per cent last August.
Mr Gao also revealed that Beijing did not think the United States-led Trans-Pacific Partnership (TPP) was targeting China. However, he said that the TPP and the Chinese-led Regional Comprehensive Economic Partnership were moving in the same direction.
China is not among the 12 Pacific-Rim countries which have agreed to join the TPP. The trade pact was signed by the member nations on February 4 in New Zealand, but it is expected to take years of negotiations before it becomes a reality.
The pact brings together Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, whose economies combined are worth $28 trillion.
Consumption accounted for 66.4 per cent of China's gross domestic product growth in 2015, the statistic's bureau said in January.
Mr Gao told a news conference that fluctuations of the yuan would not impact trade performance, and added that neither depreciation or appreciation of the yuan would benefit China's trade, reported the South China Morning Post.
The yuan has dropped by a further three per cent against the US dollar after China devalued its currency by nearly two per cent last August.
Mr Gao also revealed that Beijing did not think the United States-led Trans-Pacific Partnership (TPP) was targeting China. However, he said that the TPP and the Chinese-led Regional Comprehensive Economic Partnership were moving in the same direction.
China is not among the 12 Pacific-Rim countries which have agreed to join the TPP. The trade pact was signed by the member nations on February 4 in New Zealand, but it is expected to take years of negotiations before it becomes a reality.
The pact brings together Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, whose economies combined are worth $28 trillion.
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