Facebook Twitter 新浪微博 google plus Instagram YouTube Friday 7 August 2015

Adjustment of economic structure pays off, China's growth beats forecast

By Liang Jun (People's Daily Online)    09:44, August 07, 2015
(File Photo)

During the first half of 2015, China's economy saw a 7 percent expansion, achieving medium-high growth, and China will remain a top contributor to global economic activity, while the economic growth of the United States, Japan and the euro area only at 0.8 percent to 2.5 percent.

However, some experts and institutions queried the 7 percent growth by arguing that the figure, especially the figure in the second quarter, is not in line with expectation.

Based on past experience, aggregate supply and demand are difficult to support medium-high growth, which also does not match with other indicators such as power consumption and transportation.

Seven percent of the growth rate of the Chinese economy in the second quarter exceeds the expectations of some economists. They told Wall Street Journal they had predicted that the Chinese economy will increase 6.8 percent, according to Wall Street Journal.

After analyzing the economic data, we believe that 7 percent growth in the first half has a solid foundation, strong support from the supply and strong driving from demand, Zhang Xiaoqiang, vice-chairman of the China Center for International Economic Exchanges, said in an article published on People's Daily, August 6.

China's economy in the second quarter was close to a turning point, but these experts have not accurately predict that Chinese economic indicators would improve generally in June.

Mainly thanks to the faster growth in the service sector, the Chinese economy saw recovery and 7 percent growth in the service sector, which grew by 8.4 percent, 0.5 percentage points higher than the same period of last year.

Currently, a proportion of tertiary industry in GDP has exceeded the secondary industry, the added value of the tertiary industry accounted for 49.5 percent of the GDP in the first half of 2015, it was 5.8 percentage points higher than the second industry. The service sector contributes more and more to economic growth.

Generally, the changes of major economic indicators in the first half of are indeed not in line with the past experience, but they are caused by an adjustment in economic structure, which does not mean they are unmatched. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Liang Jun,Bianji)

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