China’s economy is facing some external headwinds as trade tensions with the United States drag on. But Ning Jizhe, deputy head of the National Development and Reform Commission, said China’s economy overall is stable and promising.
Several indexes involving the Chinese economy have seen fluctuations, but Ning said that the economy is still controllable.
“Having fluctuations is normal. But the overall trend is stable, and going upward. China is capable of achieving its yearly goal of economic development,” he said.
Ning said that the confidence comes from the performance of the Chinese economy during the first eight months of this year.
Four indicators for the macro economy — economic development, employment, the price of goods, and balance of international payments — are all stable.
Progress has been made in supply-side structural reforms and in the ‘three critical battles’ — preventing and resolving major risks, targeted poverty alleviation, and pollution control.
Trade tensions with the United States will affect the Chinese economy, but Ning said that the effect is controllable.
“From January to June, the percentage contributed by domestic demand, which is demand for investment and demand for consumption to the economy surpassing 100 percent. We will take measures to keep domestic demand working, and reduce the effect of trade tensions.”
Ning said China will also alleviate the burdens on companies, increase employment and enlarge the domestic demand, on top of deepening reform and opening-up, and creating a diversified international market. He also said the moves will inject momentum into the economy.
“There’s a lot of room to explore, in terms of trading of goods. We can expand trading with European Union, Japan, ASEAN countries, in Asia, Africa and Latin America. We can also trade more with Belt and Road countries. We’ll enlarge trading partnership with more countries that are willing, for mutual benefit,” Ning said.