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China to maintain steady growth

In face of such new challenges as rising protectionism, how is the Chinese economy performing?

Xiao Qian (The Jakarta Post)

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Jakarta

Mon, September 3, 2018 Published on Sep. 3, 2018 Published on 2018-09-03T10:14:11+07:00

Security guards walk in front of containers at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. (Reuters/Aly Song)

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n recent years, China’s economic trend has drawn much attention from the outside. Now, in face of such new challenges as rising protectionism, how is the Chinese economy performing? Can China sustain its steady growth? And how will China’s economic ties evolve within the region and beyond?

According to the latest statistics from the Chinese National Bureau of Statistics (NBS), China’s gross domestic product (GDP) expanded 6.8 percent year-on-year (yoy) in the first half, and has stabilized at a range of 6.7 to 6.9 percent for 12 consecutive quarters.

The nominal growth of average per capita disposable income was 8.7 percent, outpacing the overall economic growth. The national consumer price index registered a moderate rise of 2.0 percent.

The surveyed urban unemployment rate was maintained at a relatively low level of around 5 percent. From January to July, more than 8.8 million new jobs were created in urban areas, accounting for around 80 percent of the annual target, which is crucial to a major developing country with more than 1.3 billion people.