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Seize critical period to consolidate sound trend
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20:16, August 13, 2009

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China's gross domestic product (GDP) increased by 7.1 percent, fixed asset investment grew by 33.5 percent, total retail sales of consumer goods increased by 15 percent, summer grain output saw its 6th year of consecutive growth, industrial added-value grew by seven percent, urban employment achieved 63 percent of the government's annual target... these statistics from the first half of 2009 reflect China's economic recovery and make China's economic growth the most eye-catching in the global economic arena.

The facts prove that the central government's policies and economic stimulus package to cope with the international financial crisis are absolutely correct, timely and effective.

A trend of sound economic recovery does not mean that the difficult period is over. China must not become blindly optimistic because of increasing positive factors in economic operation or slack off because of achievements in various policies and work. People should soberly recognize that at present China's economic development is in a critical period of recovery.

On the one hand, the trend of economic recovery is unstable, imbalanced and has not yet been consolidated. China's overseas demand will continue to decline. On the other hand, the pressure on China to adjust economic structure and transform development models is increasing. Overcapacity has emerged, and issues such as slow mergers and reorganization and insufficient independent innovation are prominent. Sustainable development capacity is weak.

In the second half therefore, to continuously consolidate and develop the trend of sound economic development, and truly achieve full economic recovery, China must better predict difficulties and challenges, continue to give priority to promoting stable and rapid economic growth in economic work, firmly implement active fiscal policies and moderately relaxed monetary policies and highlight restructuring and the adjustment of development models while maintaining economic growth.

If China "quits while it's ahead" and rashly changes macro-policies that have been proven to be effective in coping with the crisis and favorable to maintaining economic growth, the "critical period" will very likely evolve into a "repetitive period" and the trend of sound economic growth may even be reversed with all previous efforts being wasted.

By People's Daily Online

http://paper.people.com.cn/rmrb/html/2009-08/13/content_318997.htm



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http://english.people.com.cn/90001/90776/90884/6727679.pdf