The fundamentals sustaining China's sound economic growth in the long run stay unchanged as solid foundations, guarantees and support for promoting the stable operation of the economy remain in place, the National Bureau of Statistics (NBS) said Monday.
Fu Linghui, spokesman for the NBS, said at a press conference that since the beginning of this year, China's policies have continued to take effect and show results. The majority of business entities have adapted to changes and sought innovation. The Chinese economy has withstood pressure and achieved stable growth, laying a solid foundation for the stable operation of the economy in the next stage.
From January to May, the production index of the service industry and the total retail sales of consumer goods increased by 5.9 percent and 5 percent respectively year on year, both accelerating compared with the first quarter. The added value of industrial enterprises above the designated size -- those with annual revenue from principal business over 20 million yuan (about 2.7 million U.S. dollars) -- achieved a relatively fast growth rate of 6.3 percent, Fu said.
"China has implemented more proactive and effective macro policies, intensified counter-cyclical adjustments, and accelerated implementing major national strategies and building security capacity in key areas, as well as the implementation of large-scale equipment upgrades and consumer goods trade-in programs. It has effectively enhanced consumption vitality, driven production growth, promoted transformation and upgrading, and fully demonstrated the important role of macro policies in stabilizing economic operation," Fu said.
"Judging from the situation in the next stage, China's policy toolkit is well-stocked, and macro policies have a fallback option. They can be dynamically adjusted to proactively respond to changes in the situation, and will continue to safeguard the stable operation of the economy," he said. In addition, sci-tech innovation and industrial innovation have been accelerating integration, with emerging industries showing a good development trend and traditional industries rejuvenating and upgrading.
From January to May, the added value of digital product manufacturing enterprises above the designated size increased by 9.9 percent year on year.
From January to April, the operating income of "little giant" enterprises that use special and sophisticated technologies to produce novel and unique products above designated size rose by 18.4 percent, demonstrating the strong vitality of new growth drivers, Fu said.
"In the face of a complex environment, the key lies in resolutely doing our own things well, implementing more proactive and effective macro policies, constantly enhancing the internal driving force for economic development, and responding to the uncertainty of changes in the external environment with the certainty of high-quality development," said the spokesman.
Chinese economy's trend of long-term sound development remains unchanged: spokesman
