China's Takeaway Food App Market Continues to Grow
The revenue of China's catering industry is expected to exceed 3.9 trillion yuan for 2017, up 10.7% compared to 2016, according to the latest statistics from the Chinese Cuisine Association. The association's 2017 annual food consumption report shows that in 2017, Chinese-style meals still dominate, accounting for 57% of the total. The report also shows that younger customers are the driving force among food and beverage consumers, accounting for around half of all food and beverage consumption. The value of China's takeaway food app market is expected to exceed 200 billion yuan in 2017, according to the report. The average price of each takeaway order on popular Chinese food ordering app Ele.me exceeded 40 yuan last year. (Source: CNR News)
China’s Young Population to Shrink
The number of young people in the country will fall by around 30 million by 2022 compared to the figure in 2017, according to a research conducted by the Chinese Academy of Social Sciences. The research based on data from the sixth national population census of 2010 showed that China had 548 million people aged between 18 and 44, but the figure will be only 518 million in 2022. The population aged between 18 and 35 will also decline from 366 million in 2017 to 344 million in 2022. (Source: China Daily)
China’s GDP Growth Could Reach 6.9% in 2017
According to the economists, China's GDP growth for 2017 may stay at 6.9 percent, thanks to favorable internal and external conditions despite the cool-off in the real estate sector and ongoing environmental protection measures. Foreign trade rose 14.2 percent year-on-year in 2017, reversing a two-year declining trend, according to the General Administration of Customs' latest data. Investment bank Goldman Sachs forecast that China's GDP growth for 2017 could hit 6.8 percent. "Economically, growth moved higher (than for 2016's 6.7 percent), reflecting better external conditions and the fruits of past policy changes," it said in its latest report.
Over 8,000 Types of Imports Now Duty Free
According to Ministry of Commerce, China now collects zero tariffs on more than 8,000 kinds of imported products as 15 free trade agreements have taken effect. China has signed 16 agreements with 24 countries and regions. Nearly 1/3 of China's imported products are now duty free under the current free trade framework, offering substantial benefits to Chinese consumers, he said. Tariffs on some cosmetics from Switzerland have dropped to zero, the spokesman confirmed. Chinese consumers can also buy low-cost, high-quality agricultural products from across the world during any season. Tropical fruit from ASEAN countries including durian, lichee and dragon fruit saw tariffs drop to zero from 15% to 30% in the past. Duties on imported consumer electronics have also declined significantly.
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