THE STATE OF THE ECONOMY
With China’s political season approaching, how is the economy performing?
WThe author is a researcher with the National Academy of Development and Strategy, Renmin University of China (RUC), and a professor at the RUC School of Economics hen China’s top lawmakers and political advisers convene their annual sessions in Beijing in March, the economy will be at the top of their agenda. The events, officially known as the sessions of the National People’s Congress and the National Committee of the Chinese People’s Political Consultative Conference, are where issues of national importance are deliberated and decided upon. Indeed, China’s economic health has been in the spotlight of late. Major concerns include a lack of growth impetus, the stability of growth and the future of economic development.
An interpretation of China’s 2018 macroeconomic data helps put matters into perspective. It shows China’s economy has maintained largely tempered growth and made progress in transforming from a high-speed growth model to high-quality development. China has taken important measures to deepen domestic reform and further open itself to foreign investment and trade. The country is making bold steps to achieving its long-term goals.
Growth and progress
In 2018, China’s GDP was approximately 90 trillion yuan ($13.3 trillion), an increase of 6.6 percent from the previous year, achieving the set target of around 6.5 percent.
Although growth slowed slightly in 2018, intrinsic growth drivers were further strengthened and consumption became