Press briefing on H1 economic data

Shen Zhen Television:

As for China's economy in the second half of 2014, we have noticed that statistics predict continuous negative growth for the property market like the first half of the year on the one hand. As you have mentioned on the other hand, the poor performances in the fields like overseas market demands slow down the overall GDP growth. Could you tell us from which fields the pressure for the economic growth in the second half of the year comes? Could you also predict if the year's 7.5 percent GDP growth goal can be reached as far as the current overall performance is concerned?

Sheng Laiyun:

With regard to the conditions to face in the second half of 2014, the situation is still complicated, mixing with impetus that boosts sustained and steady economic recovery and pressures that restrain rapid economic growth. As China's economy undergoes transformation, upgrading and restructuring and their overlapping influence will continue. The pains brought about by restructuring, including the change in the property market, are still torturing the traditional industries and fields, including the property market, to a great extent. Such pains will affect the economic growth in the short term, but the fundamentals for the country's economic growth remains unchanged on the whole, and the impetus is far more than the pressures. China is capable and flexible to ensure a fast, yet continuous steady economic growth with great potential and possibilities.

With regards to favorable conditions, China's industrialization and urbanization are unfinished and the new industrialization, agricultural modernization and urbanization are still the fundamental impetus for the country's long-run economic growth. China exerts more efforts in reform after the 3rd Plenary Session of the 18th CPC Central Committee. The Government has made a series of policies and measures on reform this year. Reform, opening up and innovation will continue to inject impetus and vitality to economic growth. Meanwhile, the effect of these policies and measures is emerging, even in the more challenging export and property markets. Export growth sees modest recovery in the latest months, and the decline in the property market is narrowing. From the above conditions, it is possible to keep a fast and steady economic growth in the second half of the year. In a word, we must cheer up and implement the policies and measures with full confidence and stable expectations in economic growth. If we do, it is of full possibility to maintain fast yet steady economic growth. Thank you.