Commentary: China Means Business When It Comes to High-Quality Development
19 Apr., 2019  |  Source:Xinhua  |  Hits:1793

BEIJING, April 18 (Xinhua) -- Once again, China's economic resilience defied doomsayers' projections, and it deserves the world's confidence.

China's GDP growth in the first quarter beat market expectations to achieve a 6.4 percent year-on-year expansion, on par with that registered in the fourth quarter last year.

Pessimists who warned that China's economic slowdown would continue this year can now take a break -- China remains a major stabilizer of the world economy.

It is a hard-won result that reflects the country's unswerving efforts to keep the world's second-largest economy on track.

Since last year, China has rolled out a string of supporting policies, such as tax and fee cuts, relaxing government administrative procedures, increasing funds for infrastructure investment and targeted monetary easing, to reduce the pressure on the corporate sector.

Solid steps were taken to expand effective investment and domestic consumption, and stabilize employment and trade. In the fourth quarter 2018, China also took counter-cyclical adjustment measures.

All these policies have proved effective. The corporate sentiment was bolstered, economic structure improved and new driving force unleashed.

Final consumption and the service sector contributed to a majority of the economic growth in the first quarter, and their shares will continue to expand.

The growth of added value of high-tech and emerging industries is higher than that of industrial enterprises above designated size, indicating an optimized structure.

The lower unemployment rate, faster income growth and narrowed income gap between urban and rural residents are all the embodiment of economic strength.

The stable performance of the Chinese economy in the first quarter has laid a solid foundation for the country to achieve its whole-year growth target, which is between 6 percent and 6.5 percent.

The Chinese economy, however, is not free of trouble. Compared with the same period last year, major indicators, such as industrial output, fixed-asset investment and retail sales growth, have all eased in the first quarter. The global economy is clouded with uncertainties as well.

Chinese policymakers are vigilant and fully prepared.

Authorities vowed to continue increasing financing at lower costs for small and micro-sized businesses, expand employment and spur new growth momentum, strengthen coordination among monetary, fiscal and other policies to keep growth stable and forestall risks.

The world can rest reassured that when it comes to completing the dual task of achieving stable growth and improving the quality of growth, China means business.