Business
2021.03.05 15:49 GMT+8

NDRC head voices confidence in China's economy backed by key indicators

Updated 2021.03.05 15:49 GMT+8
CGTN

A port in south China's Shenzhen. /CFP

China's economy has been stable and improved since the fourth quarter of last year, He Lifeng, director of the National Development and Reform Commission (NDRC) said on Friday, adding that the country's exports in January and February should have risen more than 50 percent year-on-year.

He made the remark as he took questions from the media at the Ministers' Corridor following the opening of the fourth session of the 13th National People's Congress, China's top legislature.

China's exports logged year-on-year 18.1 percent growth last December, slowing from a 21.1 percent jump in the previous month. Total annual exports came in at $2.59 trillion in 2020, 3.6 percent up on the previous year, despite disruptions caused by the COVID-19 pandemic.

Read more: China's GDP grew 2.3 percent in 2020, the only major economy to see positive growth

For the first two month, China's manufacturing purchasing managers' index (PMI) remained above the 50-point mark, indicating expansion in factory activity. The power generation sector and electricity consumption maintained growth rates above 20 percent and the freight index, such as daily railway loading volume, maintained a growth rate of more than 10 percent.

"These [numbers] reflect that China's enterprises are very capable of adapting to changes," He said. "We have the confidence, determination and strength to achieve this year's development goals and tasks."

He expressed cautioned about the uncertainties from both home and abroad, emphasizing the impact of the COVID-19 pandemic and changes in the international environment given China has been deeply integrated into the world economy.

China has set its GDP growth rate at over 6 percent for 2021 as its economic recovery gathers steam, Premier Li Keqiang announced on Friday.

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