China’s economy warms up, set to meet growth expectation

2016-12-05
english.gov.cn/People’s Daily

China’s economy is getting warm in the cold winter, as the 6.7% GDP growth of the first three quarters has shrugged off negative opinions about its hard landing.

Thanks to supply-side reform and a series of other policies, China’s economy maintains a stable and progressive trend in its upgrade and transformation.

Data from the National Bureau of Statistics show that PPI and PMI are both on the rise. In the second half of the year, commodity price index also stepped out of the bottom, especially coal mining and processing, up 9.8 percent in October.

Meanwhile, foreign investment continues to rise, with 22,580 foreign-invested enterprises established from January to October, up 7.4 percent, as shown by statistics from the Ministry of Commerce.

With the ongoing reduction of capacity, stocking, leverage, and costs, and efforts to make up for the weakest links, the quality and benefits of China’s economy will continue to improve.

In November, the CPC Central Committee and the State Council issued a circular to improve property rights protection, a top design to enhance people’s sense of property security, and strengthen social confidence and innovation.

As difficulties and challenges remain ahead, new development concepts and supply-side reform are key in the arsenal to ensure economic prospects for the year.