www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Old indexes do not present true image of economic growth

By Chen Jia (China Daily) Updated: 2015-09-26 09:20

 

Old indexes do not present true image of economic growth

Workers reinforce a bridge on the Yangtze River in Jiujiang, Jiangxi province. [Photo/China Daily]

In response to analysts' and media questions about the reliability of China's economic data, a government spokesman said on Friday it is no longer appropriate to use only the old indexes to measure the country's performance during its rapid transition.

Old indexes do not present true image of economic growth

This is because, for the first time, the service industry has been contributing a larger share to China's GDP growth than the manufacturing industry, said Sheng Laiyun, a senior official of the National Bureau of Statistics.

People wouldn't get the full picture of the Chinese economy if they still tried to size it up by using such indexes as the increase in loan supplies, in electricity generation, and in cargo throughput, said Sheng, who joined the NBS after obtaining a doctoral degree in economics.

Based on the economy's full reality, the NBS said that China has managed to achieve a GDP growth of 7 percent in the first half of the year and is capable of maintaining roughly that growth rate in the third quarter.

In the first half, the service sector contributed 53.4 percent of China's total growth, compared with a contribution of 43.5 percent from the industrial sector, primarily manufacturing, and the rest from agriculture.

By contrast, in the same period last year, the service sector contributed 47.3 percent, while the industrial sector was still powerful enough to contribute 49.5 percent.

Sheng said the trend is accelerating that China's model of economic growth is transforming from an industry-driven model into a service-led one, and thus some traditional indexes are becoming less accurate and less representative.

The steady expansion of the service sector will help China achieve its growth target in the third quarter, Sheng said, adding that a 6.5 percent growth in GDP would be the lower limit of the Chinese government's tolerance.

For instance, he said, it would be wrong "to only use data about electricity consumption for the growth forecast, because electricity consumption in the service sector is about 20 percent that of the industrial sector".

He noted that some people said China's report of 7 percent GDP growth in the first half failed to match the country's electricity consumption, which showed a year-on-year increase of only 1.3 percent.

However, Sheng warned that China may face more complications, most noticeably in that the stock market rout in July and August may delay China's overall recovery, which the government had expected to emerge in the third quarter.

A research note from Barclays Capital said, "Developments since the second quarter continue to suggest China is experiencing a structural slowdown while facing strong cyclical headwinds.

"Meanwhile, the retail and service sectors remain the brighter spots, featuring the economic transition."

According to data from the NBS, retail sales growth was 10.8 percent in August, with online sales standing strong at an increase of 36.5 percent year-on-year. The service sector, including financial services, has been growing at a robust pace, registering 8.4 percent in the first two quarters, versus 6.1 percent for the industrial sector.

Frederic Neumann, an economist at HSBC Bank Holdings, said: "Sluggish global trade has largely been blamed on wobbly growth in China. But, if the country's shipments are softening, too, then something else must be going on.

"For all (critics') recent swagger, developed markets are hardly firing on all cylinders. So, don't just blame China. Everyone's got a role to play in keeping the world economy right side up," he said.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美大胆一级视频 | 亚洲资源在线观看 | 亚洲成人一级 | 国产成人综合高清在线观看 | 国产欧美视频综合二区 | 在线aaa | 日韩欧美一级a毛片欧美一级 | 国产亚洲欧美成人久久片 | 欧美黄色精品 | 女人张开双腿让男人桶爽免 | 日韩黄色在线 | 欧美亚洲视频 | 国产精品久久久久久久久免费观看 | 国产欧美精品一区二区三区 | 久草手机在线视频 | 黄色美女视频免费 | 华人色| 在线中文 | 91资源在线| 免费一区二区三区四区五区 | 欧美日韩 国产区 在线观看 | 欧美高清视频手机在在线 | 草草久久97超级碰碰碰免费 | 欧洲亚洲一区二区三区 | 亚洲欧美日韩高清综合678 | 99热成人精品热久久66 | 日b毛片 | 毛片手机在线观看 | 久久国产一区二区 | 欧美一区二区三区四区在线观看 | 亚洲字幕| 久久久不卡国产精品一区二区 | 国产a级特黄的片子视频免费 | 午夜影院啪啪 | 免费精品国产日韩热久久 | 91热国内精品永久免费观看 | 日韩a一级欧美一级 | 久草中文在线视频 | 久久99久久精品免费思思 | 国产精品青草久久 | 国产综合成人亚洲区 |