The Outlook for China's Economy In the Second Half of 2016

来源: CHINA FOREX 2016 Issue 3 作者:Shen Jianguang

Global economic uncertainties have been rising and against that background,the powerful political bureau of the Chinese Communist Party's central committee held a key meeting on the challenges ahead. The political leadership came to four broad conclusions:

First,the leaders agreed that the performance of China's economy in the first half of the year generally met expectations.

Economic growth was 6.7% in the first half of the year,slightly higher than the targeted annual growth rate of 6.5%. Other economic measurements were mixed. While consumption and industrial output were generally steady,fixed asset investment slowed markedly. Foreign trade was weak,with July imports sliding 12.5% year on year in dollar terms,for a 4.1 percentage point deterioration compared with June. Exports in July fell 4.4% year on year,and that was worse than expected.

Nonetheless,the 6.7% economic growth rate was still a solid achievement in the face of a sluggish world economy,considering that China's economy was subject to increased external uncertainties just as efforts were being made to promote structural reforms and adjust to what has been called the "new normal."

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