China’s Leaders Urge Priority Attention To Downward Economic Pressure
China’s top leadership Thursday urged heightened attention to combat downward pressure on the economy and prevent systematic risks.
“China will continue to keep the continuity and stability of macro-policies…to keep the economic operation within a reasonable range,” said a statement released after a meeting of the Political Bureau of the Communist Party of China Central Committee.
China’s economy in the second quarter stayed on track to hit the government’s 7% growth target for the entire year, beating negative speculation over China’s economic performance and winning applaud from overseas experts.
The experts attributed the favorable half-year performance to the country’s ongoing reform and flexible policies.
Experts also noticed many ongoing changes.
The tertiary industry constituted 49.5% of the GDP, consumer spending played a bigger role in fueling economic growth, per capita disposable income grew faster than the GDP, the job market is improving, and new industries, businesses and products are revving up.
Experts also believe the Chinese economy, whose performance also impacts the world economy, would continue at a stable pace in 2-H of this year.
“As the policies aiming at stabilizing the economy continue to take effect, the Chinese economy is expected to gain more momentum in the third quarter,” Guo Feng, chief economist on China at the Institute of International Finance, told Xinhua.
“As the Chinese economy gradually stabilizes and gets better, it will also benefit the world economic growth,” Guo added.
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