Allaying global concerns over the continued slowdown of China’s economy, Premier Li Keqiang on Tuesday said the world’s second largest economy has fared better than expected so far this year.
Citing the increase of new jobs and contribution of domestic consumption and the service industry to overall economic growth, Li said that “on the whole, the economy this year, especially in the third quarter (Q3), is better than expected”.
China’s economy in Q3 not only continued the growth momentum in the first half of this year, but also featured some positive changes, said Li, while addressing a cooperation conference between China and Portuguese-speaking countries in Macao.
He added that China is fully capable of maintaining medium to high-speed growth.
Consumption and the service sector contributed more to economic growth and some important indices, which had previously weakened or declined, were stabilising and becoming positive, said the premier.
His comments came amid global concerns following rapid slowdown in Chinese economy from double-digit growth to quarter-century lows last year of less than 7 per cent.
As per official figures, China last year slipped to 6.9 per cent and the government has fixed the target between 6.5 per cent to seven per cent for this year with an official rider that it will not be easy to achieve.
Li in his address today said industrial growth, corporate profits and investment, especially private investment, were also stabilising and recovering.
In the first nine months, China created more than 10 million jobs in cities and towns, with the urban surveyed unemployment rate in 31 big cities coming in at less than five percent in September, the first time in recent years, he added.
China created more than 13 million new jobs in cities and towns annually in the past three years despite the economic slowdown.
Its economy grew 6.7 per cent in the first half of the year, within the government’s target range of 6.5-7 per cent for 2016.