Economy > Macro

Conditions exist for steady 2018 growth: official

Xinhua Financein BEIJING
2018-01-25 09:14

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China's economy will continue to see steady growth with a sound momentum this year, an official with the top economic planner said.

There are "sufficient conditions" to sustain a growth rate of between 6.5 and 6.8 percent, said Fan Hengshan, deputy secretary general at the National Development and Reform Commission.

"Besides the long-term conditions including profound material foundation, abundant labor, a full range of industries, and a huge market, there are also many special factors conducive to development," Fan said.

A new philosophy and direction for China's economic development in the new era will help realize growth at a higher level and provide "strong internal impetus" for the economy, Fan said.

China's economy has transitioned from a phase of rapid growth to a stage of high-quality development, according to the central economic work conference last month.

High-quality development will be the fundamental requirement for determining the development path, making economic policies, and conducting macroeconomic regulation.

"In the past few years, the country has constantly improved macroeconomic regulation, which will be able to resolve challenges facing the economy with flexibility and help keep economic growth in a proper range," according to Fan.

The accumulative effects of existing and imminent reforms and policies will provide a solid foundation for continuous and healthy growth, he added.

As it aims to become a moderately prosperous society in all respects by 2020, China has outlined strategies to win "three tough battles," namely preventing and defusing major risks, targeted poverty alleviation, and tackling pollution.

China's economy expanded 6.9 percent last year, picking up for the first time in seven years and well above the government annual target of around 6.5 percent.

This week, the International Monetary Fund raised its forecast for China's 2018 growth to 6.6 percent from a 6.5-percent forecast made in October 2017.
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