Bureau of Statistics chief economist, said the worst period of China’s economy has been in the past
 
Core Tip: National Bureau of Statistics chief economist Yao Jingyuan recently pointed out that China’s economy since the second half of the downward trend of last year, has been curbed, the Chinese economy during the worst is over. However, China still lacks a solid basis for economic development. China’s economy is not difficult to maintain a certain growth rate, the real problem is structural adjustment.

Data Figure: National Bureau of Statistics chief economist Yao Jingyuan

TIANJIN, September 5 Xinhua Yao Jingyuan, chief economist of National Bureau of Statistics pointed out here on the 5th, the Chinese economy since the second half of the downward trend of last year, has been curbed, the Chinese economy during the worst has passed, is in the stabilized recovery stabilized such a basic condition for the better.

Yao Jingyuan, the “2009 China Automotive Industry Development International Forum” on the speech said that the Chinese economy has experienced so much difficulty, for three main reasons: First, America’s subprime mortgage crisis and the world financial crisis on China’s economic impact. Second, their own problems, the extensive mode of growth, over-dependent on exports. Third, the cyclical nature of macroeconomic rules, just to the callback stage, just with any connection with the world financial crisis hit. Since the second half of last year, the Chinese economy experienced a sharp decline in external demand, highlights the problem of excess production capacity, difficulties in production and operations, fiscal pressure and the employment situation is grim four questions. The face of unprecedented problems, the State Council promptly issued a series of measures proposed to overcome this difficulty a package approach, and has achieved initial results.

Yao pointed out that China’s economy is the worst of times in November last year, in February of this year. From the trend of industrial production, China’s economy during the worst is over. From an agricultural perspective, will be expected grain harvest, agriculture, the stability of the stability of the national economy as a whole provides an important foundation.

From the investment, consumption, exports troika of view, the first half of the national investment in fixed assets grew by 33.5% over the same period last year. GDP growth of 7.1% in the first half of the investment contributed 6.2 percentage points, consumption contributed 3.8 percentage points, boosting the export of negative 2.9 percentage points.

Yao believes that the current basis for the development of China’s economy is not strong, unbalanced, there are uncertainties. Mainly because some deep-seated problems have not been fundamentally resolved. Although the rebound in industrial production, but from January to July grew by only 7.5%, is half the normal year. Company’s profit margin is still not very good. In addition, in the first half economic growth was mainly driven by investment, consumption, the contribution is not high. China’s economy is not difficult to maintain a certain growth rate, the real problem is structural adjustment. Only the current financial crisis as a change in the mode of growth, enhance the independent innovation capacity, optimize the structure of opportunities, the Chinese economy in order to overcome this crisis in the process, come to a new platform for growth.