The National Development and Reform Commission, China’ top economic planner held a press conference this morning. Many topics were on the agenda. Biz Asia’s Guan Xin attended the press conference and joins us live to share some of the key messages from the NDRC this morning.
A: The press conference mainly focused on China’s economy and macro-controls. Zhang Ping, the minister of the NDRC says China’s macro-control measures have been effective to cope with external headwinds. Amid a flagging global economy, China has maintained an average annual growth rate of 9.3 percent in the past five years, much higher than other economies. According to the NDRC, the main policy is to expand domestic demand, last year, domestic demand contributed to 102.2% of GDP growth, while external demand, dampened by sluggish economy in key export markets like the EU, contributed -2.2%, a drag on the economy. Zhang says China will continue to rely on consumption and investment in future growth.
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