Vitamin China E-News 1603

Date: 2016-04

“In early March 2016, the 4th Session of the 12th National People’s Congress of China and the 4th Session of the 12th National Committee of the Chinese People’s Political Consultative Conference were held in Beijing. On the conference, Premier Li Keqiang pointed out that in 2015 China’s GDP has grown by 6.9% YoY to USD1.04 billion (RMB6.77 billion). 50.5% of the GDP was attributed to service industry, a significant increase in the proportion. This indicated that China has made progress in industrial structure adjustment. In addition, consumption contributed 66.4% to the economic growth.

The government work report set the economy development goal for the 13th Five-year plan period (2016-2020):

– Developing economy by an average annual growth rate of above 6.5%;

– Building China into a moderately prosperous society in an all-round way;

– Doubling the GDP and per capita income of urban and rural residents of 2010 by 2020;

The goal of 2016 (the first year of the 13th Five-year plan period) government work:

– GDP: grows by 6.5%-7%;

– Rise in CPI: about 3%

– One of the work focuses: to improve the domestic supply structure of products and services, specifically, to digest excess capacity, weed out inefficient capacity and control the increase of new capacity, and to settle “”zombie enterprises””

Hopefully, the policy will effectively help alleviate the excess capacity of bulk vitamins, such as vitamin C and vitamin E. This will be good for the future development of the domestic vitamin industry.

The USD/RMB exchange rate in this report is USD1.00=RMB6.5385 on 1 March, 2016, sourced from the People’s Bank of China. All the prices mentioned in this report will include the VAT, unless otherwise specified.”

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