China’s Economy Is Fully Capable of Dealing With US Tariffs as Q1 GDP Growth Beats Official Target

China’s Economy Is Fully Capable of Dealing With US Tariffs as Q1 GDP Growth Beats Official Target

Tang Shihua

Date: Tue, 04/17/2018 - 16:53 / source:Yicai
China’s Economy Is Fully Capable of Dealing With US Tariffs as Q1 GDP Growth Beats Official Target
China’s Economy Is Fully Capable of Dealing With US Tariffs as Q1 GDP Growth Beats Official Target

(Yicai Global) April 17 -- China-US trade tensions will not cast a shadow over the Chinese economy, let alone reverse its upward momentum and continued sound development, said a senior official of China’s statistics agency as the country’s 6.8 percent year-on-year GDP growth in the first quarter beat the government's own target.

China is in a position to deal with trade friction with the US, tackle all sorts of risks and challenges, and maintain a healthy economic trend, Xing Zhihong, spokesman for the National Bureau of Statistics, or NBS, said today in a press conference on the performance of the world’s second-largest economy in the first quarter, which beat the official growth target of 6.5 percent.

"The economy has plenty of resilience, potential and leeway. The Sino-U.S. trade frictions cannot stump the Chinese economy, nor can they change its sound momentum of sustained and healthy growth," said Xing.

What China seeks in foreign trade is trade balance, which would also boost its domestic economic growth, Xing said, adding as a large economy, China has enormous room for maneuver in terms of development space, industrial system and macroeconomic regulation.

“China’s economy shows impressive resilience, great potential and ample room for maneuver in a more coordinated way amid mounting stability and sustainability,” Xing said.

Impressive Potential of Chinese Economy

China witnessed significant changes in its economic structure in recent years with a shift in economic drivers, he said, adding that now industry and services, investment and consumption and exports and imports contribute to that structural transformation to play a greater role in building an increasingly steady and resilient Chinese economy.

For a country that is home to more than 170 million talents with professional skills nurtured by higher education, its economy took giant leaps in terms of creativity and competitiveness in recent years, which helps shore up China’s ability to cope with complex situations, Xing said.

China’s gross domestic product reached CNY19.8 trillion (USD3.2 trillion) in the first quarter, showed the latest economic data released by the NBS today. It means a year-on-year GDP growth of 6.8 percent, which beats the central government’s own target of 6.5 percent and comes despite fears of a downturn after last year’s solid performance.

"The economy is off to a good start," said Xing, adding that new businesses and industries continued to grow fast, corporate profit and resident incomes steadily soared, while consumption and services played a bigger role in driving growth.

Editor: Mevlut Katik

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Keywords: Trade Dispute,Economic Growth, NBS, GDP growth, First Quarter