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New Dynamics Reinforce China's High-Quality Growth
Key economic indicators for the January-May period offer a clear snapshot of a steady Chinese economy expanding with new impetus from high-quality development
 NO.26 JUNE 28, 2018
A new energy vehicle on display at a trade fair held in Langfang, north China's Hebei Province, on May 18 (XINHUA)

According to the National Bureau of Statistics (NBS), China's industrial output expanded 6.8 percent year on year in May, 0.3 percentage points higher than the same period last year, while the figure for the first five months was 6.9 percent, also higher than 2017.

A sector-by-sector breakdown of the NBS figures reveals improved economic structure and new dynamics in emerging industries.

Industrial output from the hi-tech and equipment manufacturing sectors grew 12 percent and 9.3 percent, respectively, in the first five months, according to Wen Jianwu, head of NBS's industrial statistics department.

Wen said the fact that hi-tech industries make up a larger share of the industrial added value of large enterprises is a sign of more favorable conditions for the stable and positive performance of China's industrial economy.

In May alone, the production of new energy vehicles, integrated circuits and robots grew 56.7 percent, 17.2 percent, and 35.1 percent, respectively, a testimony to the effectiveness of China's ongoing supply-side structural reform, according to Zhang Liqun, a researcher with the State Council's Development Research Center.

He also added that economic indicators for May reflected China's continued stable and positive economic performance, which is concentrated on high-quality development, meaning the Chinese economy will focus on quality and efficiency rather than pace, and medium- to high-speed growth will feature an improved economic structure and new growth engines.

NBS data also showed the service sector picked up in May, with its production index up 8.1 percent, staying above 8 percent for the fifth straight month. The information communication, software and information technology services sectors registered growth above 30 percent.

Fueled by rapidly expanding Internet and Big Data industries, the Chinese service market has become the main driving force behind a strong global recovery, with sales up 67.4 percent year on year in the first quarter, according to research firm International Data Corporation.

Leading domestic server-maker Inspur enjoyed a 77.5-percent surge in shipments in the first quarter, demonstrating the new dynamics in China's modern service industry.

Emerging service industries, led by Internet-related sectors, contributed 56.8 percent to the growth in service sector production in May, 17.9 percentage points higher than the same period last year, according to Xu Jianyi, head of the NBS service industry department.

China has entered a new phase of consumption upgrade. Rising demands have greatly boosted the growth of service industries, Xu said, citing prosperity-denoting business activity indexes in sectors including Internet software and telecommunications.

NBS spokesperson Mao Shengyong said China's stable and positive economic performance will continue throughout the year thanks to increased contribution from consumption, emerging new dynamics and more vitality unleashed by reform and opening up.

As long as China gives full play to domestic demand, it will achieve steady and relatively fast economic growth even with some external uncertainties, he said.

China's economy had sustained a growth rate between 6.7 and 6.9 percent for 11 consecutive quarters at the end of March, evidence of its remarkable resilience and potential. Analysts expect the steadiness to continue into the latter half of the year as China steers its economy toward high-quality development.

This is an edited excerpt of an article published by Xinhua News Agency

Copyedited by Rebeca Toledo

Comments to zhouxiaoyan@bjreview.com

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