CHINA-ECONOMY

China's Economic Daily (July 16) published a commentary under the byline “Ping Yan” (平言), which is likely a pen name used by the Economic Daily Theoretical Commentary Department (经济日报理论评论部), arguing that China’s 6.3% GDP growth rate for the first half of this year fell within a "reasonable interval and actually showed China’s success in maintaining stability in the face of unstable and uncertain external conditions". It pointed out that though the external environment China’s development has faced since the beginning of the year has become increasingly complicated and fraught with challenges, yet China is still on track to meeting its economic targets. It said the 6.3% growth rate is within the 6%-6.5% target range for the year; China has already added 67% of its intended 11 million new urban jobs for the year; and average per capita disposable income growth is outpacing GDP growth and the urban-rural disparity is shrinking. It also pointed to progress in economic rebalancing, noting that tertiary industry added significantly more value and contributed more to GDP growth than secondary industry, and that consumption expenditure growth contributed 60.1% of economic growth. The article praised these “hard-won development achievements” and called for China to continue making progress while ensuring stability.  Two days later, Economic Daily published another Ping Yan article stressing that the key to conduct the economic work for the second half of 2019 well is to “firmly grasp the implementation of the ‘six stabilites’ (六稳) and to work on the ‘eight characters’ (八字).”  
 
(Comment: The “six stabilites” refer to stabilizing employment, finance, foreign trade, foreign investment, investment and expectations. The article especially stressed the importance of prioritizing employment issues. The  “eight characters” stand for “consolidate, reinforce, enhance, and smooth” (巩固、增强、提升、畅通). The slogan focuses on promoting “three cuts, one reduction, one strengthening,” (三去一降一补), market competition, technological innovation, open and modern market system, and circular economy.) 






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