China brings confidence to world economy

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China brings confidence to world economy

By Cheng Yang (Xinhua) 20:44, September 17, 2013

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Chinese economy has regained growth momentum, asserted a senior Chinese diplomat.

Although there has been a slight slowdown in Chinese economic growth, its fundamentals are fairly good with a 7.5-percent GDP growth rate being estimated, according to Zhang Jun, Director General of the Department of Int'l Economic Affairs of China's foreign ministry.

Compared with some other major economies, China is doing the best, added Zhang.

In an exclusive interview with Xinhuanet, Zhang said, "Based on statistics from the past two months, Chinese economy has maintained its momentum to grow as major international financial institutions raised expectations of its growth. "

"China is confident to meet its annual growth target, just as Premier Li Keqiang said on Summer Davos last week," he added.

According to the National Bureau of Statistics, China's factory activity expanded at the fastest pace in more than a year in August with a jump in new orders.

The purchasing managers’ index rose to 51 in August from 50.3 in July, the highest level since April last year. A reading above 50 indicates expanding activity, while a reading below 50 points suggests contraction.

"Although China's economic growth slowed down in first half of the year, it still out-performs other major economies," said Zhang. "If U.S., Europe and Japan could have a growth rate like this, we wouldn't be worried about world economy anymore."

Chinese gross domestic product rose 7.5 percent in the second quarter, while that in Japan, U.S. and Europe, 3.8, 1.7, and 0.3 percent, respectively in the same period.

China's economic slow-down was a result of domestic structural reform as much as external environment, suggested Zhang, who added, China is now pursuing high-quality growth, just as President Xi put it, "We should never judge the economy simply by the growth of gross domestic product."

Structural adjustments will be a painful and difficult process, but China is moving along the right way. The world's second largest economy is going to reach its target of a 7.5-percent growth rate.

In the long haul, China's restructuring to a growth model of high quality will have more positive impacts on global recovery and sustainable growth.

Further more, the senior official stressed that the world should view Chinese economy and its prospect in an objective way. "We welcome reasonable ideas and suggestions, but oppose speculation and suppositions based on political intentions."