02:54
China's stable and resilient economic growth has enhanced its ability to cope with uncertainties of the world economy. That's the word from a spokesman from the National Development and Reform Commission (NDRC).
The country's top economic planner said on Tuesday that the data on China's macro economy indicates the country's economic operation was stable and resilient in the first half of the year.
The data released by the National Bureau of Statistics (NBS) on Monday showed that China's GDP grew 6.8 percent year on year in the first half of 2018 to about 42 trillion yuan, or nearly 6.3 trillion U.S. dollars. China's GDP had maintained a growth rate within the range of 6.7 to 6.9 percent for 12 consecutive quarters.
YAN PENGCHENG, SPOKESMAN NDRC "The H1 major indicators of macro economy have remained steady, and the economic structure continued to optimize and upgrade, with improved quality and economic results. And the endogenous dynamics supporting our high-quality development was reinforced."
The NDRC said that the above economic progress will enable China to effectively cope with uncertainties in the world economy and realize the targets set at the beginning of the year. In the second half of the year, China will focus on overcoming economic shortcomings, properly expanding effective investment, and making vigorous efforts to advance reforms in major sectors to solidify endogenous dynamics for economic growth. China will also continue its opening up efforts to attract more overseas investments.
YAN PENGCHENG SPOKESMAN NATIONAL DEVELOPMENT AND REFORM COMMISSION "China has enough policy expertise to face uncertainties in the global economy. Presently, China's deficit ratio and debt ratio are at low levels, while commercial banks' capital adequacy ratio is relatively high. Enterprises' debt ratio is trending downward. There are enough spaces and policies available for China's macro-control. In the second half of the year, we will seek progress in stability, enhance the flexibility and integrity of macro policies, and maintain a stable and sound macroeconomic performance."
The NDRC said industrial profits increased 16.5% year on year in the first five months with an improving PMI. Manufacturing investment is rebounding and investment on environment protection, ecosystem and agriculture is progressing well.
The NDRC also voiced their concerns about the impact of China-US trade frictions on Chinese enterprises. A number of solid supporting measures from the country's top economic planner is on the way.