China’s economy forging ahead amid shocks and adjustments
RECENTLY, some Western media have been bad-mouthing China’s economy again, claiming that China’s economic downturn is irreversible. Is it really so?
As a matter of fact, despite the disturbance by international trade protectionism and unilateralism, China’s economy has made impressive progress instead of going into recession since the beginning of this year.
According to the data recently released by the National Bureau of Statistics of China on the national economy for the first half of the year, China’s GDP for the first six months has realised a year-on-year growth of 6.3 per cent, with the “troika” of consumption, investment and imports and exports all growing steadily.
Domestic consumption continues to serve as the major engine for economic growth, with total retail sales of consumer goods growing by 8.4 per cent for the first half of the year.
Investment is growing steadily, with fixed assets investment for the first half growing by 5.8 per cent, increasing by 0.2 per cent compared to the period from January to May.
Imports and exports performed better than expected, with the total amount for the first half growing by 3.9 per cent, speeding up slightly compared to the first quarter of the year.
Employment keeps increasing, and per capita income continues to rise.
There are 7.37 million new urban jobs created for the first half of the year, achieving 67 per cent of the full-year target. The surveyed urban unemployment rate for June is 5.1 per cent, maintaining a fairly low level of around five per cent.
Per capita disposable income for the first half is 15,294 RMB ($2,218), achieving an actual growth of 6.5 per cent after the deduction of the price factor.
It is common sense in economics that GDP doesn’t mean everything.
The health and tenacity of an economy is reflected not only in growth rate, but also in the quality and efficiency of the growth.
Although China’s economy, after 40 years of high-speed growth, is shifting from high-speed growth to mediumhigh-speed growth, and the growth rate is lower than before, the country’s economic structure, development
impetus and content have experienced profound changes, which are necessary for China’s economy to move towards a more advanced form, a more optimised division of labour and a more rational structure.
Currently, China’s economic structure is being optimised and the industrial upgrading is speeding up.
High-tech manufacturing and emerging industries are growing much faster than the general industry as a whole, with the high-tech manufacturing sector striking a year-on-year growth of nine per cent for the first half of the year.
Comprehensive advantages
During the first five months, there were 18, 900 newly registered enterprises per day on average, with the newly registered individual businesses achieving a year-on-year growth of over 20 per cent, which greatly demonstrates the vitality of social entrepreneurship and confidence of market subjects.
Investment in innovation keeps increasing, patent applications grow substantially and financial support for key areas is being enhanced.
It is worth noting that the world economy and international trade nowadays have demonstrated a clear trend of slowdown, with frequent trade frictions as well as more uncertain and unstable factors.
The World Bank and many other international organisations have quality and efficiency of its economy through structural adjustment, inject new vitality by intensifying reform and continuously release the potentials of domestic consumption.
Meanwhile, China will unwaveringly proceed with its opening-up policy in an all-round manner and devote itself to the development of an open economy of an even higher level.
‘Still young and energetic’
As Chinese leader Mao Zedong wrote in one of his poems: “Still young and energetic after climbing high mountains, we will finally enjoy the landscape beyond compare.”
China has always been growing through storms and waves.
The negative comments from the outside will actually serve as an impetus for rather than an obstruction to China’s development.
I myself have full confidence in China’s economic development in the future.
As the second largest economy in the world, China contributes to over 30 per cent of the world’s economic growth.
At the same time of realising its own development, China has always been cooperating closely with its neighbouring countries and other developing countries in a bid for common prosperity.
Cambodia and the other countries concerned are welcome to engage more in Belt and Road cooperation, and take a ride on China’s development, so as to better benefit from it.
As the largest source of foreign investment, largest trade partner, largest source of overseas tourists and largest development and cooperation partner of Cambodia, China will continue to work closely with the Kingdom to further enhance our synergy of development policies and to comprehensively implement the Action Plan for Forging the China-Cambodia Community of Shared Future signed this April by our two countries, in order to speed up mutually beneficial cooperation in various areas.
It is my firm belief that the continuous economic development of China would bring more substantial benefits for Cambodian people.
The formulation of the China-Cambodia Community of Shared Future would help promote better and faster social and economic development of Cambodia.
China will continue to work closely with Cambodia to further enhance our synergy of development policies