Xinhua News Agency: Economic Downward Pressure Is Still Large

Economic growth of 7.4%, price increase of 2.3%, and 7.37 million new jobs in cities and towns. The “six-monthly response” to the Chinese economy has already been released. How do you view the results of this “answer sheet”? What is the current economic situation? These issues and judgments are related to the overall situation and are very important for accomplishing the anticipated goals and tasks of the economic and social development throughout the year.

For the situation facing the Chinese economy in the first half of the year, a "hard" word can be used to describe it. The global economic recovery is still difficult and tortuous. The economic growth rate is obviously weaker than expected. The domestic economic growth shift period and the structural adjustment pain period are superimposed and the downward pressure continues to exist. Looking at the first half of the year, the large ship of China’s economy has bucked the trend and has generally maintained a stable operation. It has achieved stability, progress, progress, and progress. The results are not easy to come by.

"Smooth operation" is characterized by stable speed, stable employment, stable prices, and major economic indicators within a reasonable range. According to the “interval floor,” the GDP growth rate in the first half of the year was 7.4%, which was within a reasonable range of 7.5% of the annual target. Compared with the major economies in the world, this speed is still "bright." The US economy suffered a negative growth of 2.9% in the first quarter. The International Monetary Organization has lowered its annual growth forecast for the U.S. economy from the initial 2.8% to 1.7%; the euro zone’s economic growth in the first quarter was only 0.9%. Negative interest rates have been introduced in the second quarter. Policy; Japan's performance in the first quarter is still good, but negative growth is likely to occur in the second quarter. Among emerging economies, India's growth in the first quarter was 4.6%, Brazil's growth was 1.9%, and Russia's growth was 0.9%. Overall growth in the second quarter was still not optimistic. Employment is one of the most important indicators for countries in the world. In the first half of the year, China’s employment situation was “eye-catching”, with 7.37 million new jobs in cities and towns. Over the same period of last year, more than 70% of the annual tasks were completed. Looking at the “interval upper limit”, the CPI rose by 2.3%, and there is still room for the expected target of around 3.5% from the year. This summer, the grain harvested another bumper harvest. The increase in production was 9.5 billion jins, a year-on-year increase of 3.6%. The total output once again hit a record high, and the transcript was “glare”, laying the foundation for stable prices throughout the year.

"Stability and gains" means that economic growth is showing signs of stabilizing. According to some leading indicators and physical quantity indicators, the economic growth in the second quarter has improved compared with the first quarter. The growth rate of real economic indicators, such as the amount of electricity generated and the volume of cargo transport, is also rising. In June, the added value of industrial enterprises above designated size stopped falling. Exports reversed the pattern of negative growth in the first quarter, rebounded sharply in May and June, and orders increased. The National Bureau of Statistics’ manufacturing PMI reached 51 in June and recovered for four consecutive months. In July, HSBC’s manufacturing PMI preview index reached 52, the highest in 18 months. This indicates that business confidence is increasing and the market is expected to improve. The GDP growth in the second quarter was 7.5% year-on-year, 0.1 percentage point higher than the previous quarter, making it a footnote for the steady rise of the economy.

"Advance in stability and progress" highlights new steps in institutional reform and structural adjustment. In the first half of the year, the government reduced and decentralized the powers, and canceled and devolved 145 matters relating to the production and management of enterprises and administrative approvals with high social concerns. Since the reform of the industrial and commercial registration system was implemented in March, the registration of paid-in registered capital has been changed to subscription registration, and the “certificate of pre-examination” has been changed to “first follow-up evidence”, and the main body of the new registration market has “blowout” growth. A total of 5,929,500 households have been effectively promoted in employment and employment. Especially in the newly registered companies after March, the proportion of service companies exceeded 70%, effectively promoting the optimization and upgrading of the economic structure. A series of positive changes have demonstrated that the structural adjustment has made new progress, and the transformation and upgrading continue to advance. The proportion of value-added services has continued to climb, and it is already close to half of GDP. The growth rate of equipment manufacturing and high-tech industries is faster than the average growth rate of all industries. Regional coordination was further enhanced. The growth rate in the eastern region was generally stable, while that in the central and western regions continued to grow faster than that in the east. The benefits of economic operations have improved, and corporate profits, fiscal revenue, and GDP have grown at roughly the same time. The per capita disposable income of the country's residents has actually increased by 8.3%, exceeding the economic growth over the same period. The level of energy conservation and consumption reduction continued to increase. In the first half of the year, the average concentration of PM2.5 in 74 monitored cities decreased by 7.9% year-on-year, while that in the Beijing-Tianjin-Hebei region decreased by 13% year-on-year. The scope, duration and pollution intensity of heavily polluted weather all decreased.

After all, I don't know. In the general downturn of the world economy and the depressing domestic economic pressure, the Chinese economy, which has been facing difficulties as it emerged, has achieved a steady, steady, steady, and progressing situation in the first half of the year, thanks to the scientific development of the State Council and the State Council. Decision-making and deployment are the result of the conscientious implementation of the various departments in various regions and the joint efforts of the entire country. This encouraging result has enhanced people’s firm confidence and market expectations for the sustained and healthy development of China’s economy.

Barry is only half of 90. While seeing the economy "steady," we must also see the "hard" side. The current economic situation is still complex and severe. The cyclical and structural contradictions in economic operations are superimposed on each other. Short-term and long-term problems are intertwined and the downward pressure remains high. The arduousness of completing the tasks of accomplishing the annual development goals should not be underestimated.

Judging from the domestic situation, the “troika” that currently drives economic growth is underpowered. In the first half of the year, the country’s investment in fixed assets grew by only 17.3% year-on-year, which was the lowest in more than a decade. In particular, the total investment planned for new projects has only increased by 13.6%, and the capital in place has increased by 13.2%, which means that the momentum for economic growth in the next two years is not Strong. The number of consumer hotspots is still not large, and it is still very difficult for the export to resume rapid growth. There are still many problems in the economic operation. Affected by weak market demand and rising operating costs, many companies have experienced increased production and business difficulties. Financing difficulties and expensive financing issues have not yet been effectively alleviated. The funds required for the real economy are generally "hungry." Particular attention should be paid to risks in some areas such as real estate, finance, and local debt. From the perspective of the international situation, the global economy is still in a period of adjustment after the crisis. There are many uncertain and unstable factors. The road to economic recovery in the United States has been ups and downs. It is not clear that the major developed economies such as the European Union and Japan are out of trouble, and the growth of emerging economies is still weak. Both the World Bank and the International Monetary Committee have recently lowered the forecast of the world economic growth rate for the whole year. Whether the global economic situation can improve in the second half of the year remains to be further observed.

When the situation is clear, the direction is clear, and the confidence of the judgment criterion increases. On the whole, China's current economic opportunities and challenges are in common, and advantages and risks coexist. The crisis is organic and it is artificial. In the face of the current situation, we must strengthen our confidence, and we must not take it lightly. We must insist on fulfilling the goals of the year's development and remain unshakeable. We must maintain our strength, withstand pressure, stimulate policy dynamics, stimulate the vitality of the market, and cope with stable growth and reform. , adjust the structure, benefit the people's livelihood, and prevent risks, maintain the continuity, stability, and coordination of development, and ensure that China's economy operates in a reasonable range in the second half of the year.