China is on course to hit growth goals

China Daily (Hong Kong) - - BUSINESS -

re­vers­ing a de­cline of 1.4 per­cent for last year.

Man­u­fac­tur­ing ac­tiv­ity also beat mar­ket ex­pec­ta­tions last month, as the pur­chas­ing man­agers’ in­dex, or PMI, stood at 51.7. This was higher than the May fig­ure of 51.

“China should con­sol­i­date the foun­da­tion for a sta­ble eco­nomic per­for­mance with sound growth mo­men­tum,” Premier Li Ke­qiang said last week when meet­ing en­trepreneurs and ex­perts.

The coun­try will con­tinue to sta­bi­lize macroe­co­nomic poli­cies, mar­ket ex­pec­ta­tions and the fi­nan­cial mar­ket by stick­ing to its proac­tive fis­cal pol­icy and pru­dent mone­tary pol­icy, he added.

Ef­forts will also be made to en­sure sta­ble em­ploy­ment, re­duce cor­po­rate bur­den, ex­pand ef­fec­tive in­vest­ment and make con­sump­tion play a larger role in eco­nomic growth.

“China has the mo­men­tum to re­al­ize medium-high growth, so the coun­try can at­tain its an­nual growth tar­get,” said Li, of the De­vel­op­ment Re­search Cen­ter of the State Coun­cil.

Last month, staff at the In­ter­na­tional Mone­tary Fund made a pre­lim­i­nary fore­cast for China’s growth this year at 6.7 per­cent, higher than the 6.6 per­cent pro­jec­tion in the IMF World Eco­nomic Out­look re­port is­sued in April.

“China has the po­ten­tial to safely sus­tain strong growth over the medium term as it con­tin­ues to move onto a more sus­tain­able growth path and ad­vance re­forms,” said David Lip­ton, IMF first deputy man­ag­ing di­rec­tor.

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