China economic growth not losing steam: top economic planner
BEIJING – Growth of the Chinese economy will remain steady, firmed up by strong economic fundamentals and long-term resilience, said the country’s top economic planner.
The 6-percent GDP growth in the third quarter of this year was by no means a sign of lost momentum, as it was achieved off a larger economy size, the National Development and Reform Commission (NDRC) said in a statement on its website, adding that China’s GDP in 2018 grew by the size of its entire economy in 1997.
Amid a global economic slowdown that prompted international organizations to lower their growth estimates for 2019 and 2020, China’s economic expansion is expected to be the fastest among all economies larger than $1 trillion.
Macroeconomic fundamentals offer more evidence of stability, with 12.79 million new urban jobs created in the first 11 months, exceeding this year’s target. Per capita disposable income in the first three quarters rose 6.1 percent, faster than that of per capita GDP, while energy consumption per unit of GDP growth kept retreating during the same period.
A flourishing consumer market and ongoing structural upgrading have proved potential engines for continued growth, according to the statement.
With a middle-income population of over 400 million, China is nurturing a multi-layered consumer market where upgraded demand helps boost the quality of products and services. Besides, there are still untapped markets for consumer durables and public services.
Structural upgrading continued apace, with the service industry playing an increasingly larger role and investment in sectors like high-tech manufacturing expanding faster than the industry average.
The NDRC said China is confident and capable of maintaining steady and sustainable economic growth over great resilience, strong impetus and huge potential.