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Wei Jianguo, vice chairman of China Center for International Economic Exchange, former deputy minister of commerce. [Photo/IC] |
Wei Jianguo, vice chairman of China Center for International Economic Exchange, former deputy minister of commerce
As the traditional driving forces are weaking while new engines are growing, it's safe to say China is entering the most difficult phase of the economic restructuring reform.
When the export and investment-driven model shifts into a service oriented pattern, the macroeconomic indicators may be not as strong as previous times. The transformation will results in changes to the quality of the growth and policy measures.
The government plans to prevent unexpected slowdown and any systematic risk by supporting adapting monetary and fiscal policies. A moderate rebound is expected in the fourth quarter.
Domestic consumption is key in offsetting the sharp decline of export this year. So far there's been strong momentum in domestic consumption, especially in on-line commerce.
The country's top economic planner, the National Development and Reform Commission, will also suggest enterprises invest in high-quality projects such as high-speed rail to stimulate fixed-asset investment in the second half this year.
The economic reform continues despite temporary difficulties, allowing the market to be decisive in the resource allocation process.
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