Apple News Facebook Twitter 新浪微博 Instagram YouTube Thursday, Jul 18, 2019

China's 6.3 percent GDP growth a reflection of progress

(People's Daily Online)    09:19, July 18, 2019

To truly understand the Chinese economy, one should look at the country's progress with a broader perspective and see the achievements behind the GDP growth.

Recent data from the National Bureau of Statistics (NBS) showed that China's GDP grew by 6.3 percent year-on-year to 45.1 trillion yuan (about $6.6 trillion) in the first half of 2019. This indicates stable growth for the Chinese economy, driven by the country's progress in areas including promoting employment, increasing people's income, and boosting ecological governance.

In the first half of this year, China created 7.4 million new urban jobs across the country, completing 67 percent of its annual goal.

Regarding employment as the cornerstone of people's wellbeing and an important guarantee for social stability, China elevated employment-first policy to the status of a macro policy for the first time in this year's government work report and rolled out a series of favorable policies to lower individual income tax, value-added tax, and the social insurance premium rate.

In addition, China has continued to implement more policies to boost employment and entrepreneurship this year, which ensured steady advancement in employment among key groups like college graduates, in-depth implementation of vocational skill training, and smooth development of public services.

These policies and measures, together with the resilience of the Chinese economy, have greatly alleviated burdens on companies and stimulated market dynamism, thus leading to the creation of more jobs.

Under the present circumstances, high-quality employment is the foundation of every family's stability and happiness and a decisive factor in driving forward economic development.

In the first six months of 2019, China's per capita disposable personal income reached 15,294 yuan, representing an actual growth rate of 6.5 percent compared with the same period of last year, which was 0.2 percentage points higher than the county's economic growth in the same period.

Meanwhile, per capita disposable personal income in rural areas grew faster than in China's urban areas, signifying further narrowing of the income gap and more potential for boosting economic growth with consumption.

Over the past decades, consumption has become an important driving force for economic growth and the ballast for steady economic development. During the first half of this year, consumption contributed to over 60 percent of China's GDP growth. As income levels continue to rise, consumption is also expected to expand and thus inject impetus into the country's economic development.

During the first half of this year, China's energy consumption per unit of GDP fell by 2.7 percent year-on-year. Mao Shengyong, a spokesperson of NBS, explained that this means as the country's GDP grows, the ecological environment is generally improved.

Believing that economic growth should never be achieved at the cost of the environment, China has launched many campaigns for environmental protection, endeavoring to keep skies blue, waters clear, and land pollution-free.

Such campaigns brought innovative models for ecological civilization construction that help increase people's income, feature high quality, and contribute to environmental protection.

As Mao said, 6.3 percent represents a steady, relatively high, and hard-earned growth as well as rich fruits and continuous driving forces behind the figures. 

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

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