Chinese economy on path of stability

Expert says positive factors will drive a rebound for economy

October 27, 2019
Beijing skyline. PHOTO: REUTERS

BEIJING: China’s economy is expected to stabilise in the fourth quarter, as positive factors will drive a rebound for the economy, said experts and officials.

Wei Jianguo, Vice-President of the China Center for International Economic Exchanges, said the economy is running steadily with a slower growth trend.

“It is unlikely we will see GDP moderate to lower than 6% growth, as we will see a spike in consumption in the fourth quarter,” Wei said at a forum held by China News Service. “It is expected we will see 6.2% growth in GDP in the fourth quarter.”

Considering a number of favourable conditions, China is set to meet the full-year target and the economy will recover in the next year, Wei added. In the first three quarters, the number of newly-employed people in urban areas totalled 10.97 million, which was 99.7% of the full-year target.

“China’s employment situation is holding steady, better than other major economies,” he said.

Wei told the media that the current employment situation will lay a solid foundation for stable and healthy economic development next year.

China’s economic prospects will remain solid next year, with its ongoing efforts in deepening reform and opening-up as well as economic and trade cooperation with foreign countries, Wei added. Wei’s comments came as China’s GDP slowed to 6% in the third quarter, the weakest pace in almost three decades, official data showed. In the first quarter, GDP rose by 6.4%.

Ning Jizhe, Vice-Chairman of the National Development and Reform Commission and head of the National Bureau of Statistics, said the Chinese economy remained remarkable in the third quarter when compared with others, with the fastest growth rate among major economies worldwide.

This article originally appeared on the China Economic Net 

Published in The Express Tribune, October 27th, 2019.

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