China’s economy has been stable and is performing within a reasonable range in this year’s first half, Premier Li Keqiang recently told the annual meeting of the New Champions 2019, also known as the Summer Davos Forum, in Dalian. China rolled out policies to deepen reform, cut tax, enhance the ability of financial service to improve business environment.
Major economic indicators have met expectations, Li said.China's economy has been stable and is performing within a reasonable range in this year's first half, Premier Li Keqiang recently told the annual meeting of the New Champions 2019, also known as the Summer Davos Forum, in Dalian. China rolled out policies to deepen reform, cut tax, enhance the ability of financial service to improve business environment.#
"China's economic growth has so far remained resilient in the face of high global uncertainty," World Bank said in its latest China Economic Update.
In the first five months of 2019, China's foreign trade of goods rose 4.1 per cent year on year to reach $1.8 trillion, an official Chinese news agency reported citing customs data.
Of the total, foreign trade with countries along the Belt and Road Initiative increased by 9 per cent to account for 28.8 per cent, while foreign trade with the European Union (EU), the Association of Southeast Asian Nations (ASEAN), Russia and Brazil saw growth of 11.7 per cent, 9.4 per cent, 10 per cent and 11.2 per cent respectively.
Simultaneously, investments in high-tech manufacturing and technological transformation are becoming an important driving force for the growth of manufacturing investment.
During the January-May period, high-tech manufacturing investment increased by 10.2 per cent year on year, exceeding the growth rate of all manufacturing investment by 7.5 percentage points, data from the National Bureau of Statistics (NBS) showed.
In May, the added value of high-tech manufacturing grew by 9.4 per cent year on year, which was 4.4 percentage points higher than that of all industrial enterprises above designated size, NBS data showed, with accelerated growth of medical instrumentation, aviation and spacecraft.
In the first five months, newly-introduced tax and fee cuts have increased markedly, amounting to a total of 893 billion yuan, according to the State Administration of Taxation.
Total foreign investment actually utilized in the first five months stood at 369.06 billion yuan, up 6.8 per cent year on year, according to the commerce ministry.
With a huge market, abundant human resources, a complete industrial cluster and prospering new engines, the economy has sufficient resilience, potential and room for manoeuver, while its long-term positive trend remains unchanged, the Chinese premier added. (DS)
ALCHEMPro News Desk – India
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