At the press conference held by the State Council Information Office on September 4th, principals of the State Development and Reform Commission answered questions from reporters on some hot economic issues.
Bi Jingquan, deputy director of China's National Development and Reform Commission, pointed out that China's economic growth has accelerated this year; but it is not to say that the Chinese economy is overheating. He acknowledged that the speed of economic growth is rather fast; and there is a risk of overheating and danger. Chinese authorities should conscientiously carry out the central government plan for the economy for the latter half of this year: to primarily prevent the economy from growing fast to overheating; and implement other macro-regulation measures.
According to Bi, China's GDP rose 11.5% in the first half of this year – a year-on-year increase of 0.5 percentage points. However, people cannot come to the hasty conclusion that the Chinese economy is overheating. To determine whether the economy is overheating and not cooling off, one must keep a close eye on the balance between general demand and supply, instead of simply looking at the economic growth rate.
Judging from the current economic situation, the balance in total demand and supply has not changed. Except for several single cases of an inadequate pork supply, a comprehensive supply shortage has not occurred. Moreover, several sectors that support domestic economic growth have noticeably improved. For example, there has been no tension in the comprehensive supply of coal, electricity and transportation.
By People's Daily Online
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