With 2018 being started, we will also transit in China from the “Year of the Rooster” to the “Year of the Dog” and celebrate the Chinese New Year. Chinese New Year is an annual celebration which brings most Chinese families together. An estimated 50% of the Chinese population will travel across the country to visit their families and as a result many businesses are closed during this period.
MS Advisory is also preparing for the “Year of the Dog” and we would like to reflect on the past and look forward to the expectations for the next year. During last year, ‘Year of the Rooster’, we have seen significant political developments in China and a local economy still growing way above the average world economy growth. During the 19th People Congress, Chairman Xi Jinping further consolidated his politics and mentioned increasing focus on trade (“Belt and Road Initiative”), Green and Sustainable Energy and increasing focus on development of strategic assets and technologies in China (“Made in China 2025”).
During the 'Year of the Dog' we are expecting the Chinese Economy to continue experiencing a solid growth of 6,1% in 2018 (source: The Economist). It is important to take in mind that a 12.1% growth in 2006 brought 349 billion USD additional value in GDP, whereas a possible 6.1% growth on 2018 would bring an additional 683 billion USD to China’s economy. Such prospects of growth still make China one of the most vibrant economies and MS Advisory would be delighted to support any company making a step in this market.
This article has been prepared by Moore Stephens Consulting, a professional service firm based in China and member of Moore Stephens International. Moore Stephens Consulting provides full financial services to foreign companies active in China and Hong Kong. For more information regarding this article, please do not hesitate to contact us at email@example.com or visit their website to be updated on news about China.