Eric is only the
nominal head of the country.
埃里克只是那个国家有名无实的元首。
Tom is only a
nominal chairman; the real work is done by others.
汤姆只是名义上的主席，实际上的工作都是其他人做的。
They make a
nominal charge for the service.
他们对这项服务收象征性的费用。
The internet hospital's nominal capital was 100 million yuan ($14.80 million), and its departments include plastic surgery, dermatology, medical aesthetics, stomatology, ophthalmology, obstetrics and gynecology, and traditional Chinese medicine, which are all highly marketized medical sectors in China.
Located in the Shulanghu Ore Transfer Terminal in Zhoushan city, Zhejiang province, the Vale Shulanghu Grinding Hub is designed to have a total of three production lines, with a total nominal capacity of 3 million tons per year.
Each additional seat will come at a nominal cost of 200 yuan ($28.6).
The project involves design, installation and commissioning of a 6 MW (nominal installed AC capacity) solar farm, a 2.5 MWh/5 MW battery energy storage system (BESS), and an 11 KV substation.
The nominal value of the newly issued A shares represented by GDRs will be 1 yuan ($ 0.14) each as underlying securities and apply for the admission of the same to listing on the Official List of the UK Financial Conduct Authority (FCA).
These A shares will be traded on the Shanghai-London Stock Connect segment of the Main Market of the London Stock Exchange with the nominal value of each GDR to be determined on the basis of the conversion rate between the issued GDRs and the underlying A shares.
Latest data from the National Bureau of Statistics showed that China's total retail sales revenue of consumer goods reached over 19.5 trillion yuan ($2.8 trillion) during the first half of 2019, with the nominal year-on-year growth rate registered at 8.7 percent.
The investment bank said lower-tier cities now represent 59 percent of the nation's nominal GDP.
The steel contract for SRBG with nominal 755 million kroner ($96 million) includes preproduction of all the parts - cables and steel boxes and site construction.
The nominal price of the shares rose by 11.84 percent in Hong Kong on Tuesday to HK$25.5 ($3.26).
The report anticipated that in 2024, the nominal year-on-year growth rate of China's consumption is likely to be between 4.2 percent and 5.1 percent, continuing to be a major driving force for economic growth.
Although China's nominal interest rates are currently lower than those of the US, its real interest rate level, adjusted for inflation, is higher than that of the US.
If the Fed reduces interest rates by 80 to 100 basis points in the second half this year, there may be a larger policy space for nominal interest rate adjustments.
China is expected to successfully achieve its economic growth target this year, benefiting from a low base effect in the previous year and discrepancies between nominal and real growth rates.
It is anticipated that nominal growth in exports will shift from negative to positive in 2024, thus better supporting GDP growth.
In addition, the traditional focus on "nominal economic growth rate "has been replaced with "expected targets for economic growth and price levels", which allows for a more comprehensive consideration of the objectives of economic growth and price stability and emphasizes the importance of price levels as a key target of monetary policy, the office said.
The People's Bank of China reaffirmed its goal of keeping money supply growth and total social financing largely in line with nominal economic growth.
China's per capita disposable income stood at 19,672 yuan in the first half, up 6.5 percent year-on-year in nominal terms, NBS data showed.
The growth rate was significantly higher than the GDP nominal growth over the same periods for 11 consecutive years.
The per capita disposable income of rural residents hit 6,131 yuan in the January-March period, up 6.1 percent in nominal terms and up 4.8 percent in real terms.
The scale of China's digital economy grew to 50.2 trillion yuan ($7.25 trillion) in 2022, with year-on-year nominal growth of 10.3 percent and ranking second globally, an industry report released on Thursday revealed.
China's per capita disposable income stood at 10,870 yuan in the first quarter of 2023, up 5.1 percent year-on-year in nominal terms, according to data from the National Bureau of Statistics.
- China's per capita disposable income stood at 10,870 yuan ($1,579.6) in the first quarter of 2023, up 5.1 percent year-on-year in nominal terms, data from the National Bureau of Statistics (NBS) showed Tuesday.
Separately, urban per capita disposable income came in at 14,388 yuan, up 4 percent in nominal terms and 2.7 percent in real terms, while income in rural areas stood at 6,131 yuan, up 6.1 percent in nominal terms and 4.8 percent in real terms.
China's per capita consumer spending increased by 5.4 percent year-on-year in nominal terms to reach 6,738 yuan in the first quarter of 2023, while that in real terms rose 4 percent.
We expect a decline in exports this year of around 6 percent, creating a negative pull of 2.5 percentage points on the nominal GDP, which we think, however, will be hedged by the recovery of domestic consumption.
With monetary policy to be held steady, experts said the two sessions may, like last year, set a target for social financing growth to be generally on par with nominal GDP growth, while the annual inflation target may also remain unchanged at about 3 percent.
With total retail sales being nominal, the actual growth is expected to reach around 9 percent.
China's consumption growth is estimated to reach about 6.7 percent this year, said Wang Tao, head of Asia economics at UBS Investment Bank, who predicted this year's GDP growth will be about 5 percent and the growth of full-year nominal retail sales will reach about 9 percent.
With policy support, the 2022 nominal growth rate of infrastructure investment reached some 10 percent.
The Chinese people became more affluent in 2022, with per capita disposable income reaching 36,883 yuan ($5,463), up 5 percent year-on-year in nominal terms.
A consumption rebound is a key theme for 2023, UBS economist Wang Tao said, predicting that full-year nominal retail sales will grow 9 percent year on year.
Official statistics showed that in the first three quarters of 2022, the per capita consumption expenditure of urban residents was 22,385 yuan, a nominal increase of 1.8 percent over the previous year.
- China's per capita disposable income stood at 36,883 yuan ($5,487) in 2022, up 5 percent year-on-year in nominal terms, data from the National Bureau of Statistics showed Tuesday.
The PBOC said it will enhance the implementation of the prudent monetary policy and keep the growth in M2 -- a broad measure of money supply that covers cash in circulation and all deposits -- as well as that of social financing generally in step with nominal economic growth.
Both indexes are nominal, and their changes are influenced by prices of manufactured goods.
It brought the average annual nominal growth rate to 8.8 percent in the past decade.
In 2021, the per capita consumption expenditure of Chinese residents was about 24,100 yuan, up 99.9 percent from 2012 in nominal terms, or 8 percent on an average annual basis.
Likewise, a recent research report by the China International Capital Corp also estimated that total infrastructure investment in 2022 may grow by 10 percent to 12 percent, lifting the nominal GDP growth rate by 1.2 to 1.4 percentage points.
Affected by the COVID-19 resurgences, per capita disposable income of households nationwide in the first half rose 4.7 percent in nominal terms compared with the same period of the previous year.
It is necessary to demonstrate a clear expansion in the level of fiscal expenditure growth while having clear visibility of the bottom line－the growth rate of fiscal expenditure cannot be lower than the nominal GDP growth rate.
Meeting such an annual GDP growth rate target means the country will add nominal output of about 9 trillion yuan ($1.42 trillion) this year, much larger than the number a decade ago when an even higher growth rate was achieved, Li said at a news conference in Beijing after the closing of the fifth session of the 13th National People's Congress.
Meeting such an annual GDP growth rate target means the country will add nominal output of about 8-9 trillion yuan ($1.27-$1.42 trillion) this year, compared with only 6 to 7 trillion yuan a decade ago (if the then yearly GDP growth target was achieved), Li said.
While money supply and aggregate financing shall be basically in step with nominal GDP growth, additional support shall be extended to micro and small businesses, sci-tech innovation and green development.
As Zhu Haibin, JPMorgan's chief China economist, said, the country's nominal growth in retail sales may normalize to the pre-pandemic levels of around 8 percent year-on-year this year, thanks to the continuous recovery in residents' income level and the reducing propensity to save as COVID-19-related shocks fade.
For its work in 2022, the central bank will use various monetary policy tools to maintain liquidity at a reasonable and ample level, ensure stable credit growth, and guide financial institutions to increase credit supply to ensure the money supply, while social financing expansion will basically match the nominal economic growth rate, Liu said.
Last year, the per capita disposable income of urban residents came in at 47,412 yuan, up 8.2 percent in nominal terms and 7.1 percent in real terms, while that for rural residents was at 18,931 yuan, up 10.5 percent in nominal terms and 9.7 percent in real terms, data from the National Bureau of Statistics showed.
China's per capita disposable income rose 9.1 percent year-on-year in nominal terms to reach 35,128 yuan in 2021 due to effective and potent measures aimed at safeguarding people's livelihoods.
It said that domestic consumption is expected to maintain sustained growth in 2022, with a year-on-year nominal growth rate of 5.4 to 7 percent, which will still be the main driving force of economic growth.
"Domestic consumption is expected to maintain sustained growth in 2022, with a year-on-year nominal growth rate of 5.4 percent to 7 percent, which will still be the main driving force for economic growth," Bao said at a news conference in Beijing.
According to the forecasts, the nominal growth rate of fixed asset investment (excluding rural households) is expected to be 5 percent to 6 percent in 2022.
As the PBOC has repeatedly emphasized that it will improve the stability of credit growth, Ding forecast that the growth of China's total social financing will remain between 10 percent and 11 percent next year, exceeding the estimated nominal GDP growth of 8 percent to 9 percent.
"Currently, the growth rate of broad money and social financing scale basically matches that of nominal GDP," said Wen Bin, chief analyst at China Minsheng Bank, adding that it contrasts sharply with the massive stimulus policies by Western countries that have pushed up inflation.
The per capita nominal consumer spending in Shanghai reached 35,000 yuan in the first three quarters of this year, taking the crown among China's 31 provincial-level regions, followed by Beijing and Zhejiang province, with 31,781 yuan and 27,060 yuan, respectively, according to the National Bureau of Statistics.
In the first three quarters, Chinese per capita nominal consumer spending rose 15.8 percent year-on-year to 17,275 yuan.
The per capita consumer spending on services reached 7,781 yuan, increasing 23.4 percent year-on-year, and 7.6 percentage points higher than national per capita nominal consumer spending.
In the first half, though national per capita disposable incomes increased by 12.6 percent year-on-year on nominal terms, those of median income groups increased only 11.4 percent.
Meanwhile, Beijing's figure hit 38,138 yuan, rising 10.3 percent year-on-year in nominal terms.
According to our calculations, if the labor participation rate remains at February levels, the current actual unemployment rate in the US will reach 8.3 percent, significantly higher than the nominal unemployment rate.
Beijing's corresponding figure was 38,138 yuan, a 10.3 percent jump year-on-year in nominal terms.
In the first half, per-capita consumer expenditure nationwide hit 11,471 yuan, soaring 18 percent in nominal terms from a year earlier.
Chinese per capita nominal consumer spending grew 18 percent to 11,471 yuan on a yearly basis in the first half of the year, statistics showed.
The broad money supply, or M2, is growing at 10 percent currently, and the pace is in line with nominal GDP growth.
Achieving a GDP growth of over 6 percent would mean that resident income growth will likely reach about 5 percent, nominal corporate profit growth will likely reach 7 to 8 percent, and nominal fiscal revenue growth will likely reach 5 to 6 percent.
The move will increase the total of all US rescue packages since the outbreak of the COVID-19 pandemic to $5.7 trillion, which accounts for about 27 percent of the US nominal GDP in 2020.
"We will see that increases in money supply and aggregate financing are generally in step with economic growth in nominal terms, maintain a proper and adequate level of liquidity supply, and keep the macro leverage ratio generally stable.
During the 13th Five-Year Plan period (2016-20), China's annual average nominal increase in GDP reached 6.5 trillion yuan, 1 trillion yuan higher than the figure during the 12th Five-Year Plan period (2011-15).
At the same time, per capita disposable income of residents increased by 2,045 yuan annually on average in nominal terms, an increase of 156 yuan than that during the 12 Five-Year Plan period.
The Central Economic Work Conference held in December proposed that this year, China should ensure the growth rate of broad money supply, or M2, and total social financing, basically match the nominal GDP growth rate, and keep the macro leverage ratio basically stable.
How does the growth rate of M2 match with the nominal GDP growth?
The center said it expected that China's GDP growth rate would increase 8.5 percent year-on-year in 2021, and that the nominal growth rate of consumption would hit around 10.7 to 11.7 percent.
The Chinese Academy of Sciences' Center for Forecasting Science estimated that China's GDP growth rate will reach 8.5 percent year-on-year in 2021, and the nominal growth rate of consumption will hit around 10.7 to 11.7 percent.
The sector's nominal growth rate is forecast to be around 10.7-11.7 percent year-on-year.
Consumption will become a major economic driver in 2021, with year-on-year nominal growth between 10.7 percent and 11.7 percent, said Yang Cuihong, deputy head of the CAS Forecasting Science Research Center.
According to our estimate, if the suite of expansionary policies take full effect, China's nominal GDP will increase by 7.1 trillion yuan year-on-year in 2020, and the nominal GDP growth rate will be 7.2 percentage points higher than the previous year.
After the conference, the central bank pledged to keep broad money supply, or M2, and aggregate financing growth in line with China's nominal GDP growth.
The People's Bank of China, the central bank, may guide total social financing growth to pre-COVID levels of 10 to 11 percent, consistent with nominal GDP growth, down from 13 to 14 percent in recent months.
Official data showed the country's per capita disposable income in Q3 went up by 3.9 percent year-on-year in nominal terms.
China's per capita disposable income stood at 23,781 yuan ($3,549) in the first three quarters of the year, up 3.9 percent from the same period last year in nominal terms, official data showed Monday.
Separately, urban per capita disposable income came in at 32,821 yuan, up 2.8 percent in nominal terms and down 0.3 percent in real terms, while income in rural areas stood at 12,297 yuan, up 5.8 percent in nominal terms and 1.6 percent in real terms.
Nominal retail sales could show a year-on-year growth of 1.6 percent in September, up from 0.5 percent in August, thanks to continuous recovery of catering demand and solid goods sales, according to Bank of America Global Research.
China's consumption expenditure per capita stood at 21,559 yuan in 2019, up by 8.6 percent in nominal terms year-on-year, or 5.5 percent after deducting the price factor.
The report also said that the 14 Asian economies' digital economies expanded 3.5 percent year-on-year in nominal terms last year, which was 3.3 percentage points higher than the nominal GDP growth rate over the same period.
Considering that the current year-on-year growth rate of the producer price index is less than — 5 percent, encouraging businesses to invest will entail the People's Bank of China having to cut nominal interest rates sharply.
In 2022, the scale of China's digital economy grew to 50.2 trillion yuan, with a year-on-year nominal growth of 10.3 percent, making up 41.5 percent of the country's GDP, according to an industry report released at the summit.
Looking ahead, total infrastructure investment in 2022 is projected to grow by 10 to 12 percent, lifting nominal GDP growth rate by 1.2 to 1.4 percentage points, as estimated in a recent research report by the China International Capital Corp. Infrastructure investment will likely give a stronger boost to the economy in September, and its multiplier effect will also increase, the report added.
Looking ahead, the total infrastructure investment in 2022 may grow by 10 percent to 12 percent, lifting the nominal GDP growth rate by 1.2 to 1.4 percentage points, as estimated in a recent research report by the China International Capital Corporation.
Investment in real estate development is expected to reach about 16.05 trillion yuan ($2.5 trillion), with a nominal growth rate of 6.6 percent year-on-year and a two-year average growth rate of 6.5 percent.
Chinese per capita nominal consumer spending rose 15.8 percent year-on-year to 17,275 yuan in the first three quarters.
Experts said the surge was buoyed by China's recovering economy, domestic measures to boost consumption and the rise in per capita disposable income, which, according to the National Bureau of Statistics, climbed to 17,642 yuan ($2,730.39) in the first half, up 12.6 percent year-on-year in nominal terms.
According to an industry report from China Index Academy, the average sales premium rate of 10 major Chinese property developers, which is a key indicator of the extent to which property exceeds its nominal value, reached 31.9 percent in China's first-tier cities in 2018, indicating the profit advantage for property enterprises in China's major cities is still strong.
E-bikes that do not meet market requirements include those with an overall weight exceeding 55 kilograms, a top speed of over 25 kilometers per hour, a motor power of more than 400 watts and a nominal battery voltage surpassing 48 volts, according to the State Administration for Market Regulation and the Standardization Administration.
Its plants located outside Hubei province account for 90 percent of nominal sales in China and have resumed production.
According to the global digital economy white paper released by the China Academy of Information and Communications Technology at the conference, last year, the value added for the digital economy reached $32.6 trillion in 47 nations, with a nominal growth rate of 3 percent on a yearly basis.
In 2019, the figure hit 3.41 trillion yuan, with a nominal growth of 22.14 percent, accounting for 3.44 percent of the country's GDP.
Gong Liutang, a professor of applied economics at Peking University's Guanghua School of Management, said it remains essential to reduce lending rates for businesses to stimulate their willingness to lend and invest, as their actual financing costs — as measured by real interest rates, which are equivalent to nominal interest rates minus inflation — remain relatively high as December's uptick in inflation was limited.
This trend is likely to be sustained this year as nominal GDP growth speeds up amid recovering inflation and potential policy support, including further cuts in the reserve requirement ratio and interest rates, an expanded fiscal deficit and more property sector easing.
China's nominal GDP growth in 2024 — estimated at around 5.3 percent and higher than last year's 4.6 percent — will accelerate the rebound in A-share companies' profitability, he added.
The real interest rate is the difference between the nominal or stated interest rate and the inflation rate in order to remove inflationary effects.
Many economies have been through such a process, and the results mostly suggest that nominal GDP growth, if there is no coordinated fiscal and monetary easing in place, is likely to see a more rapid decline than debt levels, leading to financing issues.