China and global markets will gain another read on the growth rate driving the world's second biggest economy on Monday with second quarter gross domestic product to be announced Monday.
Clearly, the new administration is signalling that China will “focus on adjusting the structure, promoting reform and pushing forward economic transformation and upgrading," Chinese Premier Li said this week.
While China GDP growth is likely to slow to seven per cent, and growth has slowed to a 13-year low last year, urban employment reached the highest level of the past decade, final consumption contributed more to the economy than investment did and residential incomes rose faster than the economy.
This seems to be lost amid the myopia regarding the actual GDP number and the momentum gained from the processes of industrialization and urbanization alone will support the country's steady growth.
Demand for workers healthily outstripped supply in the second quarter of the year, as there were 107 job opportunities for every 100 job seekers.
"The new government seems to be less interested in the speed of economic growth. The focus is now on fixing problems in the economic growth pattern," Zhuang Jian, an economist at the Asian Development Bank said.
Despite years of reform, China has never truly succeeded in getting rid of the high-input, high-pollution growth mode.
After going through the turmoil of the 2008 global financial crisis, the government realized that stimulus policies only prolong economic changes and that it must stay the course regarding economic reform.
The cash crisis showed that reforms are more crucial than ever in the country's efforts to defuse long-term economic risks, he said. Reported by Proactive Investors 2 hours ago.
Clearly, the new administration is signalling that China will “focus on adjusting the structure, promoting reform and pushing forward economic transformation and upgrading," Chinese Premier Li said this week.
While China GDP growth is likely to slow to seven per cent, and growth has slowed to a 13-year low last year, urban employment reached the highest level of the past decade, final consumption contributed more to the economy than investment did and residential incomes rose faster than the economy.
This seems to be lost amid the myopia regarding the actual GDP number and the momentum gained from the processes of industrialization and urbanization alone will support the country's steady growth.
Demand for workers healthily outstripped supply in the second quarter of the year, as there were 107 job opportunities for every 100 job seekers.
"The new government seems to be less interested in the speed of economic growth. The focus is now on fixing problems in the economic growth pattern," Zhuang Jian, an economist at the Asian Development Bank said.
Despite years of reform, China has never truly succeeded in getting rid of the high-input, high-pollution growth mode.
After going through the turmoil of the 2008 global financial crisis, the government realized that stimulus policies only prolong economic changes and that it must stay the course regarding economic reform.
The cash crisis showed that reforms are more crucial than ever in the country's efforts to defuse long-term economic risks, he said. Reported by Proactive Investors 2 hours ago.