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China's economic growth will remain within reasonable scope in 2019

(People's Daily Online)    14:55, January 21, 2019

Experts believe that China is able to maintain a stable economic growth in 2019 based on their evaluation of opportunities and challenges the country will face throughout this year.

The actual economic growth and potential growth of the country are generally consistent with each other, and the relationship between the core economic indicators is healthy, said Li Wei, head of the Development Research Center of the State Council.

Statistics indicate that China’s economy has increased by 6.5 to 7 percent for 15 quarters in a row since 2015.

The country has become more experienced in pushing for a resilient economy in 2019 despite the pressure it may face this year, Li said.

For the past 40 years, China has managed to keep an average annual growth of 9.5 percent, and in 2018, it met its designated 6.5 percent growth despite the changing global environment, standing among the world's upper echelons.

Chen Wenling, the chief economist of the China Center for International Economic Exchanges, attributed this long-term economic growth to the country's coordinating macro policies, improvement of infrastructure, urbanization and the continuous emergence of labor force dividends, adding that they will continue to support long-term economic development.

Liu Jing, associate dean of the Cheung Kong Graduate School of Business (CKGSB), said some positive changes have started to emerge in the macroeconomy, including government support for private enterprises and the implementation of related policies, the coordination of fiscal and monetary policies, as well as measures to reduce taxes and fees for enterprises and consumers.

HSBC projected that China is expected to bring its economy back to a reasonable and steady scope through stimulating domestic demand and injecting new impetus.

Standard Chartered said that China could use a number of methods to keep its economic growth between 6.0 and 6.5 percent, while Vanguard Group believes that it's unlikely that the Chinese economy will experience a “hard landing,” forecasting that economic growth will stabilize between 6.0 and 6.3 percent under mild external impact.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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