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China’s Economy Grows by 6.7%
The Chinese Academy of Social Sciences (CASS), China’s highest State think tank, released its first quarter economic forecast report on May 14, predicting that China’s GDP will grow by 6.7 percent throughout 2018.
Second Aircraft Carrier in Sea Trials
China’s first domestically produced aircraft carrier, the country’s second carrier, successfully accomplished a six-day sea trial from May 13 to 18. The carrier’s first trial focused on the reliability and stability of the carrier’s dynamic systems.
Chinese Firm Launches First Private Rocket
On May 17, One Space, a leading private Chinese aerospace technology company based in Chongqing, successfully launched a commercial rocket, China’s first private rocket.
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Trade Surplus Shrinks in First Four Months
According to the latest statistics from China’s General Administration of Customs, China’s export and import volume in the first four months of 2018 totaled 4.8 trillion yuan (US$738.4b) and 4.3 trillion yuan (US$661.5b), with the trade surplus decreasing by 24.1 percent to 506.2 billion yuan (US$77.9b), compared to that of the same period in 2017.
More Rural Dwellers Quit Farming
China’s National Bureau of Statistics issued a report on rural workers at the end of April, saying that the number of rural workers, defined as those who hold a rural residence permit but who have been doing a non-farming job locally or outside their hometowns for at least six months, had reached 286.5 million at the end of 2017, 1.7 percent more than at the end of 2016.
Tesla Establishes Branch in Shanghai
Tesla Shanghai Branch obtained a business license in Shanghai on May 10, confirming that the automobile giant plans to find development opportunities on the Chinese mainland.