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China focused on long-term goals
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THE Chinese government is not distracted by the minor fluctuations in individual performance indicators given the economy’s new normal state, Premier Li Keqiang said yesterday.
“We are focused more on structural readjustment and other long-term goals, and have refrained from being distracted by slight, short-term fluctuations,” the premier said in his keynote speech at the Annual Meeting of the New Champions 2014 — also known as the Summer Davos forum — which got under way yesterday in the north China port city of Tianjin.
Li’s remarks came after electricity consumption, freight volume and other indicators showed signs of slowdown in July and August.
“That was inevitable and within our expectation, because the domestic and international economic situation was still complex and volatile, while year-on-year growth was also affected by base figures,” he said.
The nation’s power consumption slowed again in July, expanding just 3 percent year on year, which was sharply lower than the 5.9 percent recorded in June, according to the National Energy Administration.
The agency is expected to release its latest figures this month.
Li urged the world not to focus on the short-term performance of China’s economy or the performance of any particular sector.
“Rather, one should look at the overall trend, the bigger picture and the total score,” the premier said.
China’s gross domestic product in the first half of the year grew 7.4 percent year on year, in line with the government’s full-year target of about 7.5 percent.
“Judging by the principle of range-based macro-control, we believe the actual economic growth rate is within the proper range, even if it is slightly higher or lower than the 7.5 percent target,” Li said.
The government’s goal of maintaining stable growth is to ensure employment, and the floor of the proper range is to ensure relatively adequate employment, he said.
As the economic aggregate continues to expand, growth will mean more jobs and there will be greater tolerance to fluctuations, he said.
China’s economy is in the new normal state and policy-makers have remained level-headed and taken steps to tackle deep-seated challenges, he said.
The economy is highly resilient and has much potential and ample space to grow, with a full range of tools of macro-control at the government’s disposal, Li said.
“The measures we have taken are good both for now and for longer-term interests, and will therefore enable us to prevent major fluctuations and make a hard landing even less possible,” he said.
Li promised also that the government will for the rest of the year continue to coordinate efforts to stabilize growth, promote reform, readjust structure, improve people’s livelihoods and prevent risk.
“We will continue to ... carry out reforms in key areas of systemic importance with every determination to forge ahead and bear long-term interests in mind when addressing current problems,” he said.
The government will continue to increase the supply of public goods to generate effective demand to offset falling investment, and will continue to boost household consumption and create new growth areas, Li said.
He also vowed to scale up support for the real economy and emerging industries, as well as for rural areas, agriculture and farmers, and micro-businesses and the service sector.
“These efforts are aimed at turning the gains of reform into new dynamism of development that will benefit more people,” he said.
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