Deepening reform and opening-up will help achieve economic goals

National Bureau of Statistics’ data show China’s GDP growth in the first three quarters was 6.7 percent. Which means China’s national economic operations have remained within a reasonable range, presenting a generally stable and improving growth trend.

But the Chinese economy has been encountering severe and complicated external and internal challenges. Many economies are resorting to unilateral and protectionist trade policies, and the United States-instigated trade conflict with China has increased the external uncertainties for China’s economy.

These external factors have affected market sentiments in China. And domestic reform and development have become increasingly complicated tasks, which, combined with the external factors, pose a challenge to China’s economy.

But despite the changing situations, China’s economy remains stable. The 6.7 percent GDP growth in the first three quarters has laid a solid foundation for the Chinese economy to achieve its yearly growth target of about 6.5 percent, especially because the urban unemployment rate in September was 4.9 percent, down 0.1 percentage points.

Also, in the first three quarters, the newly employed population in China’s urban areas exceeded 11 million, achieving the annual goal a quarter in advance. The first nine months of the year also saw the consumer price index increasing to 2.1 percent, which is generally considered stable and controllable. As for Chinese residents’ income, their per capita disposable income (deducting the price factor) increased 6.6 percent, keeping pace with the economic growth.

The positive factors for the economy are China’s overall economic operations and the continuously adjusting and improving economic structure, which will help consolidate the generally positive trend.

China has a sound industrial system and supply chain, which can prevent as well as manage risks.