Momentum Maintained

¡¡¡¡Three inferences may be drawn from the data on China¡¯s economic performance in the first half of the year released by the National Bureau of Statistics (NBS) on July 15. The data is especially important with the international community keenly watching the Chinese economy in view of the China-U.S. trade friction.

¡¡¡¡First, the additional U.S. tariffs didn¡¯t have a major impact on the Chinese economy.

¡¡¡¡In the January-June period, China¡¯s foreign trade reached 14.7 trillion yuan ($2.13 trillion), increasing 3.9 percent year on year. It was also 0.2 percentage points higher than the growth in the fi rst quarter. The number of newly established foreign-invested enterprises crossed 20,000, with paid-in foreign investment reaching 478.33 billion yuan ($69.5 billion), increasing 7.2 percent year on year.

¡¡¡¡The figures show that although the trade friction with the U.S. has brought some pressure on the economy, its influence on growth is controllable on the whole. The Chinese economy is showing great resilience.

¡¡¡¡Second, the economy grew 6.3 percent from the same period of 2018 in the first half of the year, which fell within the preset growth target range of 6-6.5 percent. If indicators such as employment, commodity prices, residents¡¯ income and environmental improvement are considered, the growth rate is relatively stable. It is high among the world¡¯s major economies and is ensuring the quality and sustainability of the Chinese economy.

¡¡¡¡Speaking at a press conference on July 15, NBS spokesperson Mao Shengyong pointed out that the 6.3-percent growth rate is sustainable. Despite the complicated external environment and heavy downward pressure, he said China¡¯s economic performance will sustain stable momentum and the economic policies still have a great number of options available. All in all, the various factors combined can ensure that the major goal for this year¡¯s economic development will be achieved.

¡¡¡¡Third, the Chinese economy remains robust. The 6.2-percent growth rate in the second quarter, the lowest in China in over 20 years, has made some think the economy is going toward recession. However, this argument is neither objective nor reasonable. Although the Chinese economy is growing slower than in the past, it is not slow compared with other major economies. The deceleration is due to the downward pressure coming partly from external factors and partly from China¡¯s own economic transformation from high-speed development to high-quality growth. What¡¯s behind the shift is the soundness of the economy.

¡¡¡¡The Chinese Government has put more emphasis on promoting industrial upgrading and transformation than on speed. Therefore, it¡¯s acceptable as long as the economy operates within a reasonable range.

¡¡¡¡It¡¯s wrong to focus only on speed. Any evaluation of the economy should be made by assessing its performance in an all-round way.

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