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在线翻译:
szdaily -> News -> 
ECONOMY EXPANDS SOLIDLY DESPITE TRADE FRICTIONS
    2018-07-17  08:53    Shenzhen Daily

CHINA’S economy expanded steadily in the first half of 2018 as continued restructuring efforts provided resilience and impetus against pressure from trade frictions.


The country’s gross domestic product expanded 6.8 percent year on year in the first half of 2018, well above the government’s annual growth target of around 6.5 percent, data from the National Bureau of Statistics (NBS) showed yesterday.


In Q2, China’s GDP rose by 6.7 percent year on year, slightly lower than the 6.8 percent from the previous quarter but representing the 12th straight quarter that GDP growth has stayed within the range of 6.7 to 6.9 percent, according to NBS data.


This has extended a firm expansion from last year, when China’s GDP went up 6.9 percent, picking up the pace for the first time in seven years.


NBS spokesman Mao Shengyong told a press conference yesterday that the Chinese economy has been running soundly in the first six months, offering “a good start” for the country’s pursuit of high-quality development with further restructuring progress and improved economic quality and efficiency.


Despite some softening on the investment and industrial production front, many positive signs can be captured from yesterday’s data, reflecting China’s progress in economic reform and restructuring.


The service sector expanded 7.6 percent year on year in H1, outpacing a 3.2-percent increase in primary industry and 6.1 percent in secondary industry, according to NBS.


China’s private investment picked up in January-June, growing 8.4 percent year on year, which is 1.2 percentage points higher than that of the same period last year.


Retail sales of consumer goods also grew 9 percent year on year in June, accelerating from the 8.5-percent rise in May.


“By shifting away from old growth drivers and moving up on the global industrial and value chain, China is seeing increasingly higher growth quality,” said Wang Jun with China Center for International Economic Exchanges.


The domestic job market remained stable in June, with the surveyed unemployment rate in urban areas at 4.8 percent, unchanged from the level in May and down 0.1 percentage points from June last year.


China’s energy consumed per unit of GDP declined 3.2 percent year on year in H1, exceeding the initial target of having energy consumption per unit of GDP cut by at least 3 percent in 2018.


While noting increasing external uncertainties, Mao said the impact of China-U.S. trade frictions, if any, would have been limited on the Chinese economy in H1.


The trade frictions unilaterally stirred up by the United States, have not put much pressure on China’s domestic consumer prices, according to Mao.


He expects China’s consumer prices to maintain mild growth in the second half, as the prices of food items including pork and cooking oil, likely to be pushed up by more expensive imported soybeans, are still relatively low.


Mao, a member of the monetary policy committee of the People’s Bank of China, added that the trade war would not necessarily have much impact on the capital market and exchange rates.(Xinhua)


(Related story on P9)

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