Chinese Economy Will Keep A Good Momentum of Steady Growth--Signed Article of Ambassador Xiao Qian
On 3rd September, Ambassador Xiao Qian published a signed article on The Jakarta Post, introduced the steady grouth of Chinese economy, emphasized China is confident in responding to external uncertainties, will open further to the world and deepen the mutually beneficial cooperation with its partners. The full text is as follows:
In recent years, China's economic trend has drawn much attention from the outside. Now, in face of such new challenges as rising protectionism, how is the performance of the Chinese economy? Can China sustain its steady growth in future? And how will China's economic ties evolve with the region and beyond? I hope the following statistics and observations will answer the questions.
I. Chinese economy is well poised to keep the momentum of stable growth.
According to the latest statistics from the Chinese National Bureau of Statistics (NBS), China's GDP expanded 6.8 percent year-on-year in the first half of 2018, and has stabilized at a range of 6.7 to 6.9 percent for 12 consecutive quarters. The nominal growth of average per capita disposable income was 8.7 percent, outpacing the overall economic growth. The national consumer price index registered a moderate rise of 2.0 percent. And the surveyed urban unemployment rate was kept at a relatively low level of around 5%. From January to July, more than 8.8 million new jobs were created in the urban areas, accounting for around 80% of the annual target, which is crucial to a major developing country with more than 1.3 billion people.
The total retail sales of consumer goods expanded 11.3 percent year on year. The total value of import and export grew by 8.6 percent, with export up by 5.0% and import by 12.9%. Moreover, the growth rate of electricity consumption, freight volume and other output parameters have outpaced the overall economy. Corporate profits and tax revenues registered double-digit growth. The manufacturing purchasing managers' index (PMI) came above the boom-bust line of 50. All indicate a robust growth in the business sector and the fundamentals of the Chinese economy have maintained a healthy trend toward stable growth.