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