Is China's economic recovery weak? Response from the National Development and Reform Commission: The trend of economic growth remains stable. Policy | Macroeconomics | Economy
In recent times, there has been a rise in social views regarding the weak recovery of the Chinese economy, particularly in regards to data such as manufacturing PMI and industrial profits. In response to this, at the June regular press conference of the National Development and Reform Commission on the morning of the 16th, spokesperson Meng Wei responded that in the long run, the positive trend of China's economy remains stable. With the continuous manifestation of macroeconomic policy effects, gradual recovery of market demand, and continuous adjustment of supply structure, it is believed that China's economic development momentum will continue to strengthen, the structure will continue to improve, and the situation will continue to improve.
"From the perspective of domestic and international development, it is normal for some areas to experience temporary fluctuations during the process of economic recovery." Meng Wei said, in fact, when looking at China's economic situation, we need to not only see the current "shape" accurately, but also the long-term "trend" clearly.
Overall, the economic operation is maintaining a recovery trend. The service industry continues to rebound, and since the beginning of this year, the non manufacturing business activity index has been operating above the critical point of prosperity, maintaining a high level of 54.5% in May; The national service industry production index increased by 9.1% year-on-year in the first five months.
Hot spot consumption has grown rapidly, with car sales increasing by 27.9% year-on-year in May. Consumer services such as catering and tourism have significantly improved, and the driving effect of consumption on economic recovery and development is expected to be further highlighted.
Fixed assets investment increased in quantity and quality. fixed assets investment in the first five months increased by 4.0% year on year, including 6.0% and 7.5% respectively in manufacturing and infrastructure, and 12.8% in high-tech industries.
"In the long run, the trend of economic growth remains stable. Although there is currently insufficient market demand and the endogenous driving force needs to be strengthened, these pressures and challenges will not change the overall trend of China's long-term economic growth." She said that as macroeconomic policy effects continue to emerge, market demand gradually recovers, and supply structure continues to adjust, she believes that China's economic development momentum will continue to strengthen, the structure will continue to improve, and the situation will continue to improve.
Next, the National Development and Reform Commission will focus on six areas of development. Specifically——
Firstly, we will promptly formulate and introduce policies to restore and expand consumption, continuously improve the consumption environment, and unleash the potential for service consumption; Stabilizing automobile consumption, accelerating the construction of charging stations, energy storage facilities, and supporting power grid renovation, and vigorously promoting the introduction of new energy vehicles to rural areas.
The second is to accelerate the implementation of 102 major projects in the 14th Five Year Plan, promote the construction of major infrastructure such as energy, water conservancy, transportation, and new types of infrastructure, and give full play to the guiding role of government investment and policy incentives, effectively stimulating the vitality of private investment.
The third is to accelerate the construction of a modern industrial system supported by the real economy, focus on breaking through weak areas, and expand and strengthen advantageous areas.
Fourthly, we will solidly promote reforms in key areas, make greater efforts to attract and utilize foreign investment, and stabilize the foundation of foreign trade and investment.
The fifth is to strengthen the priority orientation of employment, expand employment channels such as college graduates, increase the income of urban and rural residents through multiple channels, and effectively guarantee and improve people's livelihoods.
Six is to ensure the production of grain and the supply of important agricultural products, ensure the supply of electricity during peak summer, and effectively prevent and resolve risks in key areas.
