China’s GDP able to expand at 7% as fundamentals sound
Print Edition
CHINA’S economy can continue to grow at around 7 percent in the near future due to the country’s sound fundamentals, optimized industrial structure and faster reform, an official with the National Development and Reform Commission said yesterday.
“The 2015 growth target of around 7 percent is achievable,” said Zhu Baoliang, an economist at the State Information Center, a government think tank under the NDRC.
“The country has the potential to keep the growth momentum in the next few years, given its solid economic fundamentals, better external conditions, and a government determined to deliver on its reform promises,” Zhu said.
China’s gross domestic product expanded 7 percent from a year earlier in the first half of the year, in line with the official full-year target of around 7 percent.
The growth had surprised the market because the 7 percent increase in the second quarter turned out to be higher than the previous market expectations of a 6.8 percent rise.
But July data for trade, industrial production, retail sales and fixed-asset investment all showed moderate growth, indicating the recovery is weak and may be very short-lived.
The latest data on China’s manufacturing sector may show its worst performance in more than six years in August. The Caixin Flash China General Manufacturing Purchasing Managers’ Index, the earliest available indicator of China’s industrial sector, fell to a 77-month low of 47.1 in August from the final reading of 47.8 in July.
“Against all odds, China still has the favorable conditions including a massive domestic demand, an expanding service industry and faster reform to open the market for it to play a larger role,” Zhu said.
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