One survey revealed that Chinese businesses perceive that the China-US trade deal would result in losses for their respective companies, but a report claimed that the Chinese economy's GDP would still double this year compared to its values in 2010.
According to a recent survey by Forbes, 60 percent of business leaders perceive that the completion of the China-US trade deal would result in greater losses for their business firms. However, despite the perceptions, it was reported that investors still see Beijing as employing an aggressive business strategy that would boost China's gross domestic product (GDP) growth for 2020.
The National Bureau of Statistics (NBS) in China also modified its real GDP growth rate estimates. It lodged a 0.1 percent higher percentage points per year since 2014 and 2018. Although the estimates for the other years in between remained unchanged, the data showed that China experienced an increase in its growth rate during those years and that China would need to generate 5.6 percent of real GDP growth to meet its GDP goal for the decade.
According to the chief China economist for Nomura in Hong Kong Ting Lu, Beijing could easily deliver and even exceed the 5.6 percent GDP growth rate by 2020. He claimed that the rate might reach 5.7 percent this year.
The report also hinted that China's GDP growth rate was significantly due to its improving services sector. Furthermore, it was shown that the real GDP growth rate in the tertiary sector that encompassed professional services and retail operations have been improving in China's primary and secondary sectors since 2013. The said GDP growth rate was shown to be discounted for inflation.
Lu also added that Beijing could achieve its GDP goal if it would maintain or increase its policy easing measures. The report claimed that many investors have seen the statistics and that they are banking on Beijing to deliver its promise of providing a stronger business environment for its market players.
Conversely, a subsequent report claimed that china's provinces have been showing slower economic growth in the first months of 2020. Out of 31 major cities, the report claimed that 22 provinces and autonomous regions have cut their 2020 targets on its GDP growth. However, it was revealed that the National People's Congress would approve a 2020 target budget by March, which showed that China's output has generated five trillion Chinese Yuan last year, a yield stronger than that of Switzerland's.
It was also discussed that the revised annual growth rates for 2014-2018 indicated that China might expand to a limit of 5.5 percent by 2020 to reach its long-term goal of doubling the country's GDP and income.
