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BEIJING, Oct.26 (Xinhuanet) -- Du Feilun from the Academy of Macroeconomic Research -- at China's top planning body, the National Development and Reform Commission -- says a growth rate of under 7 percent is still within a reasonable range.
Du says 6.9 percent is within official expectations. Small fluctuations around the 7 percent mark are acceptable, and do not break the country's overall economic growth trend. Du says China's economic performance is stable while, at the same time, pushing forward its social development.
And, ultimately, 6.9 percent is still faster than most countries in the world, as GDP growth in the major global economies is under three percent. The Chinese economy is now the second largest in the world. With a much larger base figure, this growth will produce an annual increase of more than 800 billion US dollars, larger than the 10% growth five years ago.
Du feilun also stresses that growth of “lower 7 percent" still means China's economy is growing at a reasonable and stable range. China is still moving ahead with economic reforms, and upgrading infrastructure. New industries are gathering steam, as new business models.
The growth of the service industry in the first three quarters of the year was over 8 percent. High-technology grew 10.4 percent, while the communication equipment industry and online retail increased over 30 percent in the past nine months.
Experts also point out the "engine of the economy" has not stopped running, with the rapid development of industrialization and urbanization continuing. The official Purchasing Manager Index -- or PMI -- for manufacturing stood at 49.8 in September. The number is up 0.1 of a percentage point compared to August.
That's the first rebound in the index over the past four months, edging closer to the 50 point market that separates expansion from contraction. Meanwhile, the new order sub-index, which tracts market demand, rose above the 50 mark. Du believes that underlying all this progress is that China's development is becoming better coordinated and more sustainable.
(Source: CNTV.cn)
