By Feng Hua, People’s Daily
A series of important economic data was released in October. China’s economy performed within an appropriate range, growing 6.7 percent in the first three quarters of 2018. It maintained stable and safe, laying a solid foundation for reaching the target annual growth of around 6.5 percent.
Such data indicated the basis for China’s economic stability, and also suggested the
country’s growing potential despite the obvious changes of extgrowthnvironment.
Therefore, the analysis of ecthe onomic data calls for not only looking into the short-term ups and downs, but also accurately grasping the momentum of medium and long-term economic development. It would be easy to see the resilience and potential of the Chinese economy by taking into consideration both the current situation and future trend.
The resilience and potential rest with consumption upgrading and structural optimization. In the first three quarters, consumption contributed 78 percent to China’s economic growth, up 14 percentage points from a year ago.
China’s total consumption is still enlarging, and consumption structure upgrading. During the National Day holiday, the sales volume of retail and catering enterprises across the country has reached 1.4 trillion yuan, with a year-on-year daily sales growth of 9.5 percent.
The sales volume of washer dryer combos, water purifiers, air conditioners with purifier options, and smart toilet seat covers doubled and even tripled compared with that in the same period last year.
Traditional consumption of food, clothing and daily necessities has been upgraded, and the consumers now focus more on quality-, customization-, and experience-oriented consumption. They are positive changes brought by China’s consumption upgrading.
The resilience and potential of the Chinese economy come from market vitality and innovation. Starting from this October, a rise of disposable income will be seen on the payrolls of many people, as the country has raised the minimum threshold for personal income tax from 3,500 yuan (about $510) to 5,000 yuan per month.
More pleasantly, China is planning to add more deductible items from taxable personal incomes. Besides, the country is also releasing the signal to slash taxes and fees and stabilize market expectations, in order to stimulate market vitality.
From January to September, the growth rate of fixed-asset investment was 5.4 percent, putting an end to the continuous growth decline since the start of this year. A big part of the growth came from the manufacturing industry, for which the country implemented tax reduction policies and relaxed financing restrictions.
The latest statistics indicates that China’s total research and development investment last year increased by 12.3 percent year-on-year and reached a new high. It can be expected that the subsequent series of reductions on taxes and fees will give enterprises a larger room for innovation and development.
The resilience and potential are also rooted in the strong willpower of China. Over the past four decades, China has firmly stuck to its goals no matter how the world or the market changed. In this October, a set of reform measures were launched to cheer on poverty alleviation and rural revitalization.
China observed the Fifth National Poverty Relief Day on Oct. 17. By that day, 85 poverty-stricken counties were lifted out of poverty. The country’s rural impoverished population dropped by 68.53 million in the past five years, and the poverty reduction rate reached 70 percent.
This year marks the first anniversary of the implementation of the rural revitalization strategy. China now stands at a new starting point of developing agriculture, rural areas and farmers, with rural reforms deepened across the board, modernization of agriculture and rural areas accelerated, weakness improved and the solid foundation cemented.
中国经济的韧性与潜能
人民日报-冯 华
10月份，一系列重要经济数据密集发布。中国经济增长在前三季度取得6.7%的好成绩，继续稳定运行在合理区间，保持了总体平稳、稳中有进的发展态势，为全年实现6.5%左右的增长目标打下了坚实基础。
在外部环境发生明显变化的情况下，经济数据让人们看到了中国经济“稳”的基础，而透过这些数据，更能看到中国经济“进”的本质。因此，对经济数据的分析不仅要看短期升降之“形”，更要准确把握数字背后酝酿的经济中长期向好之“势”。察“形”辨“势”，就不难感受到中国经济的韧性与潜能。
这份韧性与潜能，蕴藏于消费升级和结构优化中。今年前三季度，消费对中国经济增长的贡献达到78%，比上年同期提高14个百分点。多维度看消费，消费总量仍在扩大，消费结构持续升级。“十一”长假，全国零售和餐饮企业实现销售额约1.4万亿元，日均销售额比去年同期增长9.5%，洗干一体机、净水器、健康空调、智能马桶盖销量同比增长1—2倍。吃穿用等传统消费提质升级，品质化、个性化、体验式消费引领潮流，展现出我国消费升级带来的积极变化。
这份韧性与潜能，来源于市场活力与创新动力。10月份，不少人惊喜地发现，工资单上已经有了不小的获得感，而个税专项扣除的“第二波”红包又在紧锣密鼓推出。不仅是个税，更多减税降费、稳定市场预期的信号也在释放，激发市场主体更多活力。1—9月固定资产投资增速5.4%，结束了今年以来的持续下跌，其中制造业投资增速是重要支撑力量，而这主要得益于减税政策的逐步落地以及放宽对制造业融资方面的限制。最新数据显示，我国去年研发投入总量同比增长12.3%，再创新高，可以期待，后续的一系列减税降费“红包”将给企业创新发展以更大的空间。
这份韧性与潜能，更植根于我们自身的定力之中。40年一路走来，不管外界如何变幻、市场如何跌宕，我们始终坚守既定目标。10月，各项改革紧锣密鼓推出，脱贫攻坚、乡村振兴战略在重要时间节点上再次加油鼓劲。在第五个国家扶贫日到来之际，85个贫困县脱贫摘帽，5年多时间全国农村贫困人口累计脱贫6853万人，减贫幅度达70%左右；乡村振兴战略实施一周年，农村改革全面深化，农业农村现代化加快推进，短板正在补齐，基础越夯越实，我国“三农”发展站上新起点。
