Abstract China's A-shares have plummeted for several days, causing the outside world to raise some concerns about China's economic prospects. At the same time as the central bank's "double down", the Chinese government's top management continues to convey to the outside world that China's economy is stable and good "strong sound & r.. .
China's A-shares plummeted for several days, causing the outside world to raise some concerns about China's economic prospects. At the same time as the central bank's "double down", the Chinese government's top management continued to convey to the outside world the "strong voice" of China's stable economy. According to the Chinese government network, Premier Li Keqiang met with Kazakhstan’s first deputy prime minister, Sarginayev, who attended China’s seventh meeting of the China-Kazakhstan Cooperation Committee on the afternoon of 25th. He pointed out that the current world economic situation is still confusing and the market is volatile. Big, it also has some impact on the Chinese economy. However, the fundamentals of China's overall economic stability have not changed, economic operations have remained within a reasonable range, and positive factors supporting the real economy are accumulating. We have room for further innovation and use of macro-control, and there is ample room for domestic demand.
Li Keqiang said that with the steady economic growth, the promotion of structural reforms, the stimulating of market vitality through “double innovationâ€, and the launching and exerting effects of measures such as benefiting the people and preventing risks, China has the ability and conditions to complete the economic development throughout the year. The main target mission, which is also an important contribution to the recovery of the world economy.
When talking about the RMB exchange rate issue, Li Keqiang said that in the near future, we have improved the RMB exchange rate intermediate price quotation mechanism, which is a reasonable measure to adapt to the trend of the international financial market, and is also adjusted to reform. At present, the RMB exchange rate does not have a basis for continuous depreciation, and it can maintain a basic stability at a reasonable and balanced level.
Development and Reform Commission intensive call
The reporter noted that as one of the macroeconomic management departments, the National Development and Reform Commission (NDRC) began to analyze the economy on its official website for two consecutive days from the "Black Monday" of the stock market on August 24, emphasizing that the fundamentals of China's current economic operation are good. The basic situation of overall economic stability has not changed, and the basic trend of deepening structural optimization reform has not changed. The overall situation of people's livelihood improvement and social stability has not changed.
Since the beginning of this year, the economy has maintained a medium-to-high speed growth. In the first quarter, second quarter and first half of the year, GDP grew by 7%, meeting the annual target of around 7%.
The above article said that in the case of China's total economic output has reached more than 60 trillion yuan, this year's economic growth of 7% corresponding constant price increase is more than 7.4% growth last year; horizontal comparison, not only much higher than the second quarter of the United States The annual growth rate of 2.3%, Japan-1.6%, and Eurozone 1.3% is also significantly higher than that of emerging markets and developing economies, second only to the relatively small economy and relatively low development stage of India. % growth rate.
At the same time, China's structural adjustment has taken new steps in the first three quarters, and new growth momentum is accelerating; new breakthroughs have been made in reform and opening up, and the vitality of development has further stimulated the release; people's lives have achieved new improvements, and development results have benefited the people.
However, the National Development and Reform Commission also stressed that structural, cyclical and institutional factors have a common impact, and some contradictions and problems in the process of economic transformation and development are also constantly emerging. The outstanding manifestations are as follows: First, the market demand is still weak; second, the industrial production pressure is not reduced; third, the monetary policy is not well transmitted to the real economy; fourth, the fiscal revenue and expenditure and the stability of the post are not falling. These need to be highly valued and actively take measures to properly resolve them.
Although the domestic economy is under the background of “de-capacity, destocking, and deleveragingâ€, the downward pressure on the economy, the pain of structural adjustment, and the hidden dangers in some areas will continue to emerge. However, the NDRC emphasizes that it is necessary to see that China’s economic development has great potential. There is no change in the long-term good fundamentals, and the comprehensive comparative advantage of China's economy is still obvious. The economic growth rate is still in the forefront of the world.
The National Development and Reform Commission said that the reform and opening up will continue to deepen, and the market environment conducive to innovation and entrepreneurship will be accelerated. The "three major strategies" will be solidly promoted and will continue to expand the development space; the macro-control concepts and methods will be further innovated and improved in practice, and the regulatory policies will still be larger. There is a lot of favorable conditions and positive factors for maintaining sustained, stable and healthy economic development.
In terms of monetary policy, China has also carried out modest fine-tuning. The People's Bank of China announced on the 25th that since August 26, 2015, the benchmark interest rate for RMB loans and deposits of financial institutions has been lowered by 0.25 percentage points. Since September 6, 2015, the RMB deposit reserve ratio of financial institutions has been lowered by 0.5 percentage points.
New and old growth momentum gradually transformed
In July, China's real economy such as industry and investment continued to fall, but it is time to analyze and recognize the changes in operational data comprehensively and objectively.
For example, although the overall growth rate of the industry has slowed down, the National Development and Reform Commission has pointed out that from the perspective of industrial production, the decline in industrial growth rate is mainly due to the decline of industries such as automobiles and steel. From the perspective of industrial internal structure, high-tech and consumer-related industries still maintain rapid growth. From the perspective of industrial product structure, products that conform to the direction of industrial upgrading have grown rapidly, and most of the basic raw material products have continued to decline.
In addition, the National Development and Reform Commission believes that from the perspective of manufacturing investment structure, structural upgrading and investment in the consumer sector have grown rapidly, and investment in some traditional industries has continued to decline. From the perspective of consumption structure, the growth rate of consumer retail sales continued to maintain steady growth, and sales of emerging formats and consumption upgraded goods were good. From the perspective of electricity consumption structure, the electricity consumption of the service industry has maintained rapid growth. The year-on-year decline in industrial electricity consumption is mainly caused by the decline of high-energy-consuming industries such as steel and building materials. From the perspective of freight volume, the growth rate of road and waterway transportation has maintained growth, railway freight transportation has been at a low level and the transportation structure has been continuously optimized.
One of the main drivers of such economic growth in investment, the NDRC proposed that the stamina of investment growth has also increased. From January to July, the total investment growth rate of newly started projects was 0.8 percentage points higher than that of the first half of the year. The total investment growth rate of construction projects was increased by 0.5 percentage points, and the growth rate of funds in place increased by 0.5 percentage points. At the same time, the real estate market continues to pick up.
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