The latest data from China's top economic planner shows that the nation's economy maintained a strong performance in the first half of the year. Moreover, the National Development and Reform Commission also challenged the notion that there has been a shifting out of China's industrial chain. CGTN's Zou Yun has more.
China's economic performance continues within a reasonable range and great resilience. The nation's power generation in the first 6 months of 2019 rose 3.3 percent year on year. The consumption of liquefied natural gas in the same period rose over 10 percent year on year, to nearly 150 billion cubic meters.
While trade teams from the world's two largest economies are busy finding solutions, some voices in recent weeks have suggested that China's manufacturing industrial chain is shifting out due to its trade friction with U.S.
When asked whether this is the case, Meng Wei of the National Development and Reform Commission told CGTN that only a small number of companies might have to move out of China because of the trade tension. And the impact of this on China's economy should be very limited.
MENG WEI, SPOKESPERSON NATIONAL DEVELOPMENT AND REFORM COMMISSION "We have conducted in-depth research about the reasons for those companies moving out of China. Some are doing so for lower costs, such as labor and environment protection, some for their own strategic development, and only a very limited number of factories are doing so over the trade friction. Most of the factories moving out are at the middle and low end of the industrial chain. Therefore, the overall impact on China's economic growth is controllable."
Moreover, the commission is also in the process of implementing supply-side structural reform in areas such as overcapacity reduction, to also further stabilize economy.
ZOU YUN BEIJING "As a strong supporter of globalization, China has been committed to opening its door wider for the benefit of both itself and the world at large. And step by step, the nation has also taken targeted reforms to remove structural and institutional barriers that could hamper economic development. ZY, CGTN, BJ."