Press briefing on national economic performance in H1

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Mr. Mao Shengyong, spokesperson for the National Bureau of Statistics

Hu Kaihong, spokesperson for the State Council Information Office of China

July 16, 2018

China Business Network TV:

What is the main risk factor that will impact the macroeconomy in the second half of this year? And what reform s does China need to deal with its challenges? Thank you.

Mao Shenyong:

Currently, China's economic operation is generally stable with good momentum, and the positive factors and factors that advance the economy to quality growth have increased and accumulated. The external variants, uncertainties and imbalance s will rise in the second half of this year. Externally, the world economy showed that it is recovering in the first half of this year, and there was also some differentiation in the recovery. But the heating up of trade protectionism constitutes a big challenge to the world economic recovery. Internally, economic development remains unbalanced and unstable in some places, thus the structural adjustment and transformation are in a crucial phase. In the future, we should continue to deepen the supply-side structural reform and expand domestic demand so as to keep the economy operating steadily within a reasonable range. Thanks.

Radio Television Hong Kong:

Will the current China-U.S. trade relations affect and make the economic growth drift out of the 6.7 percent to 6.9 percent range? And will it affect China's investment and export s? Given the control polices, will the housing price fall in the second half of this year?

Mao Shenyong:

Firstly, it will take some time to observe the influence of the trade friction with the U.S. on the Chinese economy. 

Secondly, capital chases profits and votes with its feet. The Chinese market is big and growing well. The business environment is constantly improving. China is making efforts to protect the intellectual property rights of various enterprises in China and to provide fair treatment to all kinds of market players, which help inject confidence and passion in investors . That some famous brands have come to set up branches in China recently is proof of that. Particularly, foreign direct investment in China, whether it is counted in U.S. dollars or in renminbi, has retained a growing momentum. China remains a popular destination in attracting capital and foreign investment. 

Thirdly, housing prices, judging from the changes in 70 medium- and large-scale cities, have remained stable. But the housing prices in some third- and fourth-tier cities have indeed risen fast. Some popular cities face mounting upward pressure. There are still some structural contradictions in the real estate industry. There are some properties in the remote inland areas and the places decreasing in population. That's why the central authorities have proposed to “tailor-make the tactics in different cities, and exercise precise control of housing prices.” The central government will continue to strengthen and perfect macro control, as well as exert power on the supply side. we will expedite the creation of relevant policies for real property tax, in a bid to implement the policies of multi-subject supply, multi-channel guarantee and rent-and-sale coequality. Through these methods, we aim to promote the healthy and stable development of the realty industry and to better follow the principle that “the house is used to live instead of being used for speculation.”

Hu Kaihong:

The briefing today is over. Thank you, Director Mao, and all of you. 

By Li Xiaohua, Zhang Liying, Gong Yingchun, Duan Yaying, Wang Yanfang, Zhou Jing, Li Jingrong, Wu Jin, Mi Xingang, Guo Xiaohong, Wang Qian, Yuan Fang, Huang Shan, Xu Lin, Chen Xia, Layne Flower, Christopher Georgiou, Jennifer Fossenbell.

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