The growth of certain major economic indicators declined in April, which triggered worries over the sustainability of the economic recovery in China. Guo Tongxin from the National Bureau of Statistics (NBS) published an article on People’s Daily on May 26.
It pointed out that driven by policies on stabilizing economic growth, promoting reform, restructuring and preventing risks, the overall economic growth maintained stable and steady operation. The economic structure is under improvement, the momentum is upgrading under transformation and the development has been increasingly characterized by new normal. It is estimated that China’s economy will maintain medium to high growth this year and the expected results can be made and better results are expected in actual work.
Based on the statistics released by the NBS previously, the increase on investment, consumption and industrial added value witnessed certain declines in April.
However, it pointed out the short-term fluctuation of economic date is normal. The comparison base, the changes in working days and other non-economic factors can result in changes in year-on-year growth. When judging the economic operation, it should consider the matching of employment, prices, revenue and other indicators as well as the quality, structure and potential.
Based on the five major macro-economic indicators, China’s economy maintained higher growth, better employment, stable prices, higher residents’ incomes and better international balance.
For details, the new urban employment reached 4.65 million in the first four months, representing an increase of 220,000 from the same period of last year. The urban unemployment rate across the country was about 5 percent in April and the urban unemployment rate in 31 big cities was about 4.9 percent, representing decreases from the previous month and the same period of last year. The consumer price index (CPI) was up 1.4 percent in the first four month, decreasing 0.8 percentage points from the same period of last year. The core CPI after deducting food and energy was up 2.1 percent, maintaining mild growth.
In addition, the article indicated that the economic operation has been within a reasonable range since the beginning of the year while it has seen positive changes in the quality, structure and potential. More and more factors are supporting the medium and high economic growth and China’s economy is advancing better results.
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