China’s economic performance stable in first three quarters
By Lu Yanan, People’s Daily
“Some foreign media’s skepticism about
China’s recent economic growth figures and their assertion of ‘a sharp slowdown’
in the Chinese economy were indefensible
and groundless,” Yuan Da, spokesperson for the National Development and
Reform Commission (NDRC) said at a press conference on
Monday.
China recently released a set of economic figures in the
first three quarters of the year, which aroused heated discussions at home and
abroad. Some saw the 6-percent year-on-year growth in the third quarter and
started to worry about the growth rate of the economy.
China’s GDP expanded 6.2 percent year on year during
the first three quarters, which was among the fastest in major economies, Yuan
noted.
During the seven-day National Day holiday, China’s railways,
roads, waterways and civil aviation network saw more than 500 million passenger
trips. In particular, 370 million cars passed through toll roads across the
country.
In the first three quarters of the year, electricity
consumption of the country rose by 4.4 percent year on year, with electricity
consumption in service industry and residential
power consumption increasing by 8.7 and 6.3 percent respectively,
the spokesperson said, adding that freight volume went up 5.9 percent year on
year during the period.
“These indicators were the most direct reflections of
economic growth, which prove that the national economy maintained overall
stability,” Yuan noted.
Since the beginning of the year, China has maintained
overall stability in economy and improved its economic structure and the
well-being of its people amid rising internal and external risks
and challenges, the spokesperson said, adding that Chinese economy
has maintained stability while making progress, which was not an easy task.
Although the economic growth rate in the third quarter
has slowed slightly, the quality of economic development in China is seeing continuous
improvement.
In the first nine months, the country accomplished
99.7 percent of its annual objective for creating new urban jobs. Last month, the
country’s surveyed urban unemployment rate stood at 5.2 percent.
Transformation and upgrading of industries have accelerated
in China during the first three quarters of this year, with the added-value of
strategic emerging industries and high-tech manufacturing increasing by 8.4 and
8.7 percent respectively, significantly faster than the growth rate of overall industrial enterprises above designated size.
Meanwhile, China’s energy consumption per unit of GDP
dropped by 2.7 percent year on year, and the country maintained a generally
stable ecological environment.
As China’s economy transitions from a phase of rapid
growth to a stage of high-quality development, it is acceptable whether the economic
growth is lower or higher than before as long as employment and people’s
incomes are expanding, and the ecological environment and development quality
are improving, the spokesperson said.
He added that Chinese economy still faces a complicated
and severe economic development environment both at home and abroad, as well as
considerable downward pressure and difficulties and challenges, but China has
the condition, ability and confidence to realize steady, sound and
sustainable economic development.
Since this year, some enterprises in China have
relocated their capacity to Southeast Asia to reduce costs and fend off risks
due to rising uncertainties at home and abroad. Certain media spreading
hearsays that a handful of firms were leaving China.
In response to such voices, Yuan said it is a normal
market phenomenon that some companies establish plants and carry out cooperation
in foreign countries to meet new development needs.
In recent years, China’s manufacturing has entered a
stage of transformation, upgrading and high-quality development as the world
witnesses international division of labor and profound adjustments in global
industrial landscape, Yuan said, explaining that it is only normal that some
companies go global and establish factories, operate and conduct investment
cooperation outside of the country in this process.
Besides, the fact that some companies go global
doesn’t mean that the Chinese market loses its strong appeal to foreign
investment.
On the one hand, the fundamentals of the Chinese
economy remain strong. With a huge market, abundant human resources, well-developed
infrastructure, a complete industrial chain and full-fledged supporting
industries, China sees constant vitality and dynamism in making innovations and
new creations, and unchanged upward economic trajectory and continuous
industrial upgrading.
On the other hand, China has continuously improved its
business environment. Chinese government has strived to create a market-oriented
and international business environment which is based on the rule of law,
further expanded opening-up and eased market access for foreign investment.
In addition, it has taken powerful measures to cut
taxes and fees, endeavoring to offer all market entities, including private
companies and foreign-invested enterprises, a better and more attractive
business environment.
Since this year, China has witnessed a surge in newly
registered businesses, with an average of 19,000 new businesses established in
the country on a daily basis.
In the first nine months, more than 30,000
foreign-invested enterprises were newly established in China, which witnessed
the amount of foreign direct investment actually used in the country hit 683.2
billion yuan (about $96.56 billion), up 6.5 percent over the same period of
last year.
“We found in our research that some companies
investing overseas and exploring the global market face difficulties and risks,
including inconsistency in land use, employment and policies as well as difference
in culture and laws,” the spokesperson said, adding that it is believed that
more enterprises will continue to invest and establish a foothold in China
after careful consideration.
Photo taken on Sept. 19, 2019 shows
the night view of the Bund, Shanghai. (Yan Daming/People’s Daily
Online)
China’s economic performance stable in first three quarters
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