China’s economy shows resilience, potential despite downward pressure

2019-01-30
Xinhua

BEIJING — China’s economy showed great resilience and potential when transitioning from rapid growth to high-quality development, despite economic downward pressure.

“Though growing at a relatively slower pace, China’s economy saw a prominent transition in growth momentum, economic structure and development mode,” Zhang Yansheng, a chief research fellow with the China Center for International Economic Exchanges, told a press briefing on Jan 29.

The world’s second-largest economy grew 6.6 percent year-on-year in 2018, above the official target of around 6.5 percent but lower than the 6.8-percent growth registered in 2017.

Growth in the fourth quarter came in at 6.4 percent, down from 6.5 percent seen in the third quarter.

Zhang called for more attention to a broader picture behind the easing economic growth such as the dynamic economic structure, the advantages of a complete industry chain and enough leeway of domestic demand thanks to the 40 year’s reform and opening-up.

China’s expenditure on research and development accounted for 2.15 percent of GDP in 2018, while the country saw world’s largest number of patent applications and issuances last year, data from the Ministry of Science and Technology showed.

“The advantage of innovation indicators will turn from volume into quality after years of development,” Zhang said.

China will also provide a better market environment for global investors in 2019, said Zhang, as the country’s tone-setting economic conference in last month urged transformation in opening up the market from goods and elements flowing to more institutional changes.

“China will explore new markets with global investors and establish all-around cooperation,” Zhang said.