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Xinhua Article Claims China’s Economy Is Stable and its Economic Confidence Level Is Increasing

Xinhua reported that, on July 16, the spokesperson for the National Development and Reform Commission spoke at a press conference. He stated that the latest economic index for the first six months of 2018 suggests that China’s economy has been generally stable and the economic structure continues to be optimized and is improving. China’s fiscal deficit rate and government debt ratio are low, commercial banks’ capital adequacy ratios and provision coverage ratios are relatively high, and the corporate debt ratio is tending to decline. There is plenty of room for macroeconomic regulations and policies to be applied. He claimed that China will continue to adhere to the general tone of steady progress, maintain strategic strength, enhance the flexibility of macroeconomic policies, and strengthen coordination between policies to ensure the stability of macroeconomic fundamentals. As to the economic outlook for the second half of the year, the spokesperson stated that China needs to shift its development, structure, and economic transformation from over relying on foreign investments and exports to increasing its domestic spending and services. According to the spokesperson, “With the great resilience of the Chinese economy and the certainty of sustained and healthy development, we have the confidence, conditions, and sufficient ability to be effective in responding to the uncertainties of the world economy and to ensure the achievement of the goals and tasks that were set forth at the beginning of the year.”

Source: Xinhua, July 17, 2018