6.9% growth points to robust economic prospects

Source:Global Times Published: 2017/4/17 23:33:39

According to China's National Bureau of Statistics, the country's GDP grew by 6.9 percent in the first quarter of 2017, in which industrial production, investment, consumption, imports and exports all exhibited good performances. It is the highest GDP growth rate in five quarters, turning the question about whether the Chinese economy has hit the bottom into mere speculation, although quite a few Chinese economists are still cautious when answering it.

Most Chinese are accustomed to being modest and focus more on their challenges. For instance, even if some scholars feel optimistic about the prospects of the Chinese economy, they still express worry that perhaps the country's economic performance cannot do any better in the rest of the year after posting a 6.9 percent quarterly growth.

As a matter of fact, 0.1, 0.2 percent more or less in GDP growth does not impact the overall Chinese economy, neither should it become the focal point of public opinion. China aims to expand its economy by around 6.5 percent this year. Despite the word "around" in the goal, public opinion has been severe and critical about the actual figures.

So far, GDP is the most scientific data to measure a nation's economic performance. The whole world attaches great importance to it. Yet there is no need to be overly nervous about the figure and let it influence the confidence of an entire society.

China needs to maintain the fast pace of economic growth, which should be faster than most developed and emerging countries to prevent us from falling behind in the race with developed nations.

As long as our speed of development can support the improvement of public livelihood and enhance social governance, then the growth rate is sufficient. The number should not only be authentic but also one that can be achieved without too much struggle. When realizing the goal, environmental protection and social equity must be taken into account in order to bring about sustainable development and avoid violent ups and downs in China's GDP growth rate.

Over the past years, China has undergone the largest-scale and the most profound structural adjustment since the reform and opening up process started. It can be argued that the process has been successful up till now. It largely reduced negative factors, such as seeking quick success and instant benefits in the country when pursuing GDP growth, and has thus helped us recover our composure when facing our economic development.

As long as China can maintain its social stability, opening up to the world and avoiding any fundamental errors,  being a little faster or slower in its economic growth won't affect its trajectory to catch up with developed nations. Therefore, the number after the decimal point is the trace of China's improvements and we should treat it in a coolheaded way.

Posted in: EDITORIAL

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