Build­ing Up Steam

China re­mains on track to achieve its full-year eco­nomic growth tar­get de­spite head­winds

Beijing Review - - BUSINESS - By Li Xiaoyang

Amid a com­pli­cated in­ter­na­tional land­scape and do­mes­tic chal­lenges, China’s econ­omy man­aged to main­tain over­all sta­ble growth in the first three quar­ters of 2018. The stress is on re­silient growth by shift­ing to­ward high-qual­ity and sus­tain­able de­vel­op­ment.

Data re­leased by the Na­tional Bureau of Statis­tics (NBS) shows that GDP grew 6.7 per­cent year on year in the nine months to around 65.09 tril­lion yuan ($9.38 tril­lion).

But the GDP growth rate edged down from 6.7 per­cent year on year in the sec­ond quar­ter to 6.5 per­cent in the third quar­ter. A re­port from the fi­nan­cial re­search cen­ter at Bank of Com­mu­ni­ca­tions at­trib­uted the slow­down to both ex­ter­nal chal­lenges and slow­ing growth in do­mes­tic in­fra­struc­ture in­vest­ment.

Ac­cord­ing to NBS spokesper­son Mao Shengy­ong, the trade fric­tion be­tween China and the United States has gen­er­ated mount­ing in­sta­bil­ity in the global land­scape, adding un­cer­tain­ties to the sta­ble per­for­mance of China’s econ­omy and bring­ing down­ward pres­sure.

Aside from the ex­ter­nal fac­tors, the econ­omy is also ex­pe­ri­enc­ing struc­tural changes, which have come with both pains and gains, said Xu Hong­cai, deputy

A fully loaded cargo ship leaves a con­tainer ter­mi­nal at Qing­dao Port, east China’s Shan­dong Prov­ince, on Oc­to­ber 19

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