China says ‘no problem’ realizing 6.5% growth target in 2017

Updated 2017-10-11 15:02:53 CGTN

China sees "no problem" in realizing its economic growth target of 6.5 percent in 2017, and may have even better results, Ning Jizhe, head of the National Bureau of Statistics said on Tuesday at a press conference in Beijing.

It confirms analysts' expectation that this year's growth would meet or exceed 6.5 percent after the economy expanded by a stronger-than-expected 6.9 percent in the first half. The World Bank also raised its 2017 forecast for China's economic growth from 6.5 percent to 6.7 percent.

The country's average annual growth rate of GDP was 7.2 percent between 2013 and 2016, the highest among major global economies, above the world's 2.6 percent and developing economies' 4 percent at an average, Ning added.

China's job market is expanding, with the survey-based unemployment rate in 31 major cities standing at 4.83 percent in September, the lowest since 2012, Ning disclosed. The rate stabilized at around 5 percent between 2013 and 2016, he noted.

Meanwhile, prices remain in a stable range, with the Consumer Price Index increasing by an annual average of 2 percent from 2013 to 2016, according to Ning.

Supply-side reforms continue to make new achievements, as steel and coal capacity was cut by 65 million metric tons and 290 million metric tons respectively in 2016, and real estate inventory was reduced by 3.2 percent year-on-year at the end of 2016, he said.

Ning also revealed that the government is making effective property cooling measures in the long run.

Services sector becomes the largest industry in China, and its contribution to GDP accounted for 51.6 percent in 2016, 6.3 percentage points more than that in 2012.

Consumption becomes the main driving force of China's economy. Its average annual rate of contribution to economic growth was 55 percent between 2013 and 2016, 8.6 percentage points higher than that of investment.

Achievements are also made in energy conservation and new energy development. In 2016, energy and water consumption per unit of GDP declined by 17.9 percent and 25.3 percent respectively compared to that in 2012.

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