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Economic Watch: China poised to meet economic targets for 2019

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Core Tip:China has the confidence to meet growth targets in 2019 and march on the course it has mapped out for long-term developm
 China has the confidence to meet growth targets in 2019 and march on the course it has mapped out for long-term development.

Readings of major economic barometers released by the National Bureau of Statistics (NBS) Monday showed faster growth in industrial output, services and market sales in November, with value-added industrial output expanding 6.2 percent year on year, up from 4.7 percent registered in October.

The production index of China's service sector increased by 6.8 percent, while retail sales of consumer goods rose 8 percent last month, both higher than October levels.

China's economy in November continued with overall stability with signs of improvement, showing resilience and potential despite external uncertainties, NBS spokesman Fu Linghui told a press conference.

online retail sales contributed to overall retail sales of consumer goods in November, said Fu, when the country's annual Singles' Day shopping bonanza saw e-commerce giants besting their sales records.

Consumption will continue to be buoyed by stable employment, said Fu.

The surveyed urban unemployment rate nationwide stood at 5.1 percent last month, unchanged from the rate in October.

A total of 12.79 million new urban jobs were created in the first 11 months, exceeding this year's target of creating over 11 million urban jobs, according to the bureau.

Industrial upgrading continued apace, as sectors like high-tech manufacturing and modern services help propel the shift from mere expansion to quality-oriented growth.

High-tech manufacturing saw an output increase of 8.9 percent last month, and investment in high-tech manufacturing and services surged 14.8 percent and 13.1 percent in the January-November period, respectively.

Monday's data also showed that the country's fixed-asset investment rose 5.2 percent and property investment was up 10.2 percent in the first 11 months.

China has solid grounds and conditions for meeting annual economic growth targets, said Fu, while calling for continued efforts to sustain stable economic development in the future.

Tasked with completing the building of a moderately prosperous society in all respects and achieving the goals of the 13th Five-Year Plan in 2020, China faces rising downward economic pressure amid intertwined structural, institutional and cyclical problems, as well as a global economic slowdown.

To navigate the challenges and deliver on the promises it made, China has pledged to make ensuring stability a top priority, and uphold the policy framework of stable macro policies, flexible micro policies, and social policies that ensure basic needs are met, as underscored in the annual Central Economic Work Conference last week.

Sustained vigorous efforts should also be made in deepening supply-side structural reform, and ensuring reasonable growth and steady improvement of the economy, said the conference.


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