For centuries China stood as a leading civilization, outpacing the rest of the world in the arts and sciences, but in the 19th and early 20th centuries, the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After World War II, the Communist Party of China under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978, MAO's successor DENG Xiaoping and other leaders focused on market-oriented economic development and by 2000 output had quadrupled. For much of the population, living standards have improved dramatically but political controls remain tight. Since the early 1990s, China has increased its global outreach and participation in international organizations.
Source: The CIA World Factbook - China
Growth is set to soften somewhat in 2018-19, as exports ease and investment slows. The current account surplus is projected to stabilise. Infrastructure investment, a major growth driver in recent years, is projected to slow further amid tightening monetary conditions and a more rigorous approval process for local government investment.
The monetary policy stance will remain neutral with a tightening bias, as mitigating financial risks has appropriately become a key policy priority. Shadow banking activities are increasingly being reined in and credit growth is slowing, while capital outflows moderated in early 2018 following a surge and the exchange rate has stabilised. Fiscal policy will remain supportive, but less so than in recent years as unauthorised local government investment is subject to increased scrutiny, which will strengthen fiscal sustainability. A series of new tax cuts have been announced, but the headline fiscal deficit will be kept under control by streamlining government organisations to contain public spending. Imminent risks stemming from trade frictions have receded, but the large number of unresolved issues will keep tensions high.
Source: OECD - Economic Forecast
|Gross domestic product, constant prices|
|Gross domestic product, current prices|
U.S. dollars (Billions)
|Gross domestic product per capita, current prices|
U.S. dollars (Units)
|Inflation, average consumer prices|
|Volume of imports of goods and services|
|Volume of exports of goods and services|
Percent of total labor force
|Current account balance|
U.S. dollars (Billions)
|Current account balance|
Percent of GDP
Source: IMF Statistics
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In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
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Embassy of the Grand Duchy of Luxembourg in China
Ambassador: Mr Marc HÜBSCH
Ambassade du Grand-Duché de Luxembourg à Pékin
Unit 1701, Tower B, Pacific Century Place,
2A Gong Ti Bei Lu, Chaoyang District,
Beijing 100027, P.R. China
Tel.: (+86 10) 8588 0900
Fax:(+86 10) 6513 7268
Site web: pekin.mae.lu
Consul General with jurisdiction over the Municipality of Shanghai and the Provinces of Jiangsu, Zhejiang, Anhui et Fujian:
Mr Luc DECKER
Honorary Consul over jurisdiction of Hong-Kong: Mrs Sophie LEUNG
Room B, 13/F, Queen Centre
58-64 Queen's Road East
Tel.: (+852) 3621 0979
Fax: (+852) 3747 4600
Executive Director: Mr Luc DECKER
Economic and Commercial Attachés (AWEX)
Economic and Commercia Attaché with jurisdiction in Canton, Hong Kong, Shenzhen:
Mr Frédéric Delbart
10 Huaxia Road Zhujiang New Town
Tel. +86 20 38 77 17 68
HONG KONG, MACAO
9/F St. John's Building
33 Garden Road Central
Tel. +852-25 37 57 62
Floor 38 Rocket Space, VC&PE Tower, Software Industry Base
Nanshan District, Shenzhen
Tel. +86-020-38 77 20 48
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Luxembourg for Business market entry guide to China: Market entry guides are brochure series published by the Ministry of the Economy and Foreign. The series focuses on worldwide markets, industries and business environments, providing comprehensive and in-depth analysis and guidelines. The brochures cover all aspects relating to a market entry including the economic, financial and legal frameworks. The brochures are a vast knowledge pool, compiled into a practice oriented document with many tips and important addresses.