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Foreign media, institutions see bright Chinese economic outlook

Updated: Jul 22,2016 7:44 PM     english.gov.cn

Foreign media and institutions expressed positive opinions after China released its economic data from the second quarter, and said the Chinese economy will continue to expand in the second half of 2016.

UK’s Financial Times: There is no need to be pessimistic about China’s economic slowdown.

China’s relatively free labor market and growing service industry may contribute to economic resiliency, said the Financial Times in a report on July 20. China is moving toward a service-oriented economy, with 1 percent to 2 percent increase in the share of the tertiary industry in GDP in recent years, reaching 54.2 percent in the first half of 2016. In such a transformation, economic slowdown is inevitable, and China’s economy is still healthy from the perspective of employment and social welfare.

Australia’s Financial Review: GDP data of the 2nd quarter strengthens Chinese government’s voice on economy.

Statistics from the Chinese National Statistic Bureau revealed a 6.7 percent GDP increase in the second quarter and the first half of 2016. This shows the Chinese government’s ability to ease economic slowdown and enhance its voice on economic issues, the Financial Review reported. The strong growth comes mainly from government investment, and a strong tertiary industry will ensure a lasting growth. Private investment is a key factor for the Chinese economy in the second half of 2016, said Macquarie Securities.

Singapore’s zaobao.com: China will achieve successful economic and social transformation after 5 years.

China is facing huge challenges in economic and social transformation, but with clear goals, it will become an innovative nation with a more market-oriented economy and inclusive society, said Singapore Deputy Prime Minister Tharman Shanmugaratnam to zaobao.com on July 20. Much of China’s future productivity will come from microeconomic reform rather than traditional labor transfer, the minister said.

France’s Le Figaro: China’ economic growth remains stable with more efforts to reform State-owned enterprises.

The better-than-expected economic data from the Chinese government is impressive, said Le Figaro on July 16. The 6.7 percent economic increase in the second quarter reveals stable growth, and China will rely more on the tertiary industry, cutting its dependence on industry and exports. The service industry and family consumption increased by 7.5 percent and 10.6 percent, respectively, Le Figaro reported. The Chinese government will continue stimulus policies, promote private investment, and strengthen State-owned enterprise reform to create a solid foundation for economic growth.

Indonesia’s InHua Daily: China’s stable economic growth injects confidence into the world and ASEAN.

China’s economy remained stable and increased by 6.7 percent in the first half of 2016, according to statistics from the Chinese National Statistic Bureau on July 15. The impressive data demonstrates China’s vitality and confidence in economic transformation, said InHua Daily. Despite worldwide slowdowns, China’s stable growth brings positive energy to other countries, including ASEAN nations.

JPMorgan Chase: China’s economic growth will continue and is expected to reach 6.7 percent in 2016.

China’s GDP growth remains stable in the second quarter, with a year-on-year increase of 6.7 percent, and sound economic activity data in June means a rising economic trend by the end of the quarter, said JPMorgan Chief Economist Zhu Haibin. In addition to positive performances in industrial added value, sales, fixed investment and exports, the government may take measures to ease the impact of the recent flooding. The growth trend will continue in the second half of 2016, and GDP is expected to increase by 6.7 percent over last year, according to JPMorgan.

Goldman Sachs Gao Hua: macro policies issued at the end of last year drive economic growth.

Fiscal policy supports sound economic growth in June, said Song Yu, chief economist at Goldman Sachs Gao Hua. A positive monetary policy environment accelerates infrastructure investment, and export of industrial products is bouncing back. Given that industrial added value is higher than expected, GDP growth would reach 6.7 percent in June, according to Goldman Sachs Gao Hua.

HSBC: China’s GDP growth remains at 6.7 percent in the 2nd quarter.

China’s GDP growth maintains a flat increase of 6.7 percent in the second quarter, according to HSBC’s latest report. Industrial production and retail sales increased by 6.2 percent and 10.6 percent, respectively, in June, 0.2 percent and 0.6 percent higher than in May. In the second half of 2016, China’s economic policy should provide more fiscal and monetary support to the cooling housing market and private investment, and speed up reform of State-owned enterprises to build a base for sustainable economic growth and boost business confidence, said HSBC’s report.

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