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September 1, 2016

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Economic planner warns of challenges

CHINA’S top economic planner warned yesterday that challenges remain in investment and trade, and meeting annual growth targets will require “arduous efforts.”

It is estimated that pressure will still remain in economic development in the second half of 2016, said Xu Shaoshi, chairman of the National Development and Reform Commission, during the top legislature’s ongoing bimonthly session.

While delivering a report to the session, Xu expressed confidence that the country could meet its major annual targets in economic growth, employment, commodity prices and residents’ income.

He also said it was expected that targets for poverty reduction, energy consumption, environmental protection and renovation of substandard housing would be met.

“Great difficulties remain in meeting goals for investment and trade,” Xu said, while elaborating on a national economic and social development report yesterday.

“Currently, the foundations for stable economic development are not solid enough and downward pressure remains.”

The international economy has not recovered as expected, and trade protectionism has gained ground, Xu told lawmakers, adding that geopolitical risks and the increasingly complicated regional security situation will disturb economic stability.

On the domestic front, difficulties remain for the stable growth of demand, and regional polarization has evolved, with potential risks in sectors such as finance and employment needing attention, Xu said.


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