The Chinese economy grew 7% in the first half year — prompting slowdown concerns — as the speed is notably lower than the 10% average for the past 30 years, but analysts say the rate represents higher quality of growth.
Experts say the 7% growth rate is twice as fast as average developed economies, and 1.6 times that of emerging markets’.
Others say for an economy with a GDP volume now reaching 65 trillion yuan, each single percentage point in the first half year’s growth rate carries more weight and value than before.
Experts say there are several bright sides in the first half year’s economy. The services sector’s growth speed continued to climb and makes a bigger contribution to overall GDP. Employment was also upbeat, with urban employment up by 7.2 million people. Disposable income rose 7.6%, faster than the GDP growth rate.
A series of major indexes have shown signs of stabilization since the second quarter, experts say many of the current reform measures will turn into concrete growth in the second half year.