Economic restructuring leading to quality growth in China

Updated 2017-08-05 09:05:03 Xinhua
Photo taken on March 26, 2017 shows a glass production line of an enterprise in Shahe City, north China's Hebei Province. China's gross domestic product expanded 6.9 percent year on year in the first half of the year to about 38.15 trillion yuan (5.62 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Monday. (Xinhua/Zhu Xudong)

Photo taken on March 26, 2017 shows a glass production line of an enterprise in Shahe City, north China's Hebei Province. China's gross domestic product expanded 6.9 percent year on year in the first half of the year to about 38.15 trillion yuan (5.62 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Monday. (Xinhua/Zhu Xudong)

Economic data published by Chinese provincial-level regions for the first half year show that economic restructuring is bearing fruit and leading to stable and quality growth.

China's economy continued steady expansion in the first half of this year with GDP up 6.9 percent year on year to about 38.2 trillion yuan (5.6 trillion U.S. dollars), according to the National Bureau of Statistics (NBS).

Breaking down the national figures, provinces, autonomous regions and municipalities have published their own regional economic data.

Analysts say the data reflects new-found vitality in regional economies, unleashed by economic restructuring, which includes promoting consumption-led and innovation-driven growth, de-stocking outdated capacity, cutting corporate costs and deleveraging.

"We all know the Chinese economy has been an L-shaped growth shape. Many people ask when the downward stroke ends. Now if we look at the economic data and its connotation, the economy has entered a horizontal stroke and turned toward stable growth," said Yao Jingyuan, a research fellow at the Counsellors' Office of the State Council.

WESTERN PROVINCES IN THE LEAD

Western provinces and regions such as Tibet, Guizhou, Yunnan, Ningxia, Sichuan and Shaanxi have stayed in the top ten fastest-growing regional economies in China.

"The central and western provinces have developed well in recent years. Though they are late-movers compared with eastern counterparts, they have fared rather well economically," Yao said.

Tibet Autonomous Region topped the national chart in growth of five categories -- GDP, industrial added value, total retail sales of consumer goods, annual disposable income for urban and rural residents.

Zhou Yong, a researcher in Tibetan Academy of Social Sciences, attributes the outstanding economic figures to the social stability of Tibet, which is essential for fast economic growth.

Disposable income for people in Tibet grew by more than 10 percent in both cities and rural areas in the first half year.

"People have stable jobs and a stable source of income to spend, so retail figures of consumer goods for H1 rise by 14 percent, the fastest growth nationwide," he said.

The services industry, such as tourism, is also booming in Tibet.

Another western province Guizhou, capitalizing on big data, the information industry and tourism, has emerged as another top-performer in economic development.

Apple Inc. is expected to set up a Chinese data center, costing 1 billion dollars, in Guizhou. In H1, revenue of Internet companies in Guizhou grew by 171 percent year on year. Tourism rose by over one-third year on year as the province becomes one of China's most popular tourists destinations.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 20 2017 15:30:41

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 20 2017 15:30:41

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 20 2017 15:30:41

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords