Experts laud China's economic performance despite external factors

Source: Xinhua| 2019-07-20 01:14:14|Editor: yan
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BAKU, July 19 (Xinhua) -- China's economy managed to retain its growth rate amid complex external factors, in particular the ongoing trade frictions, Azerbaijani experts said on Friday.

Commenting on the recently-published data from China's National Bureau of Statistics (NBS), chairman of the Azerbaijani Center for Economic and Social Development Vugar Bayramov said China's maintaining its growth rate despite tumultuous global economic environment and domestic downward pressure was praiseworthy.

NBS said on Monday that China's GDP expanded 6.3 percent year on year in the first half of 2019 to about 45.09 trillion yuan (about 6.6 trillion U.S. dollars).

The 6.3-percent GDP increase made China still one of the world's fastest-growing major economies, according to the bureau.

Bayramov in particular lauded the Chinese government's efforts to diversify its economy. "Dynamics of recent years demonstrates that China is pursuing access to new markets, which is evidenced by its broadening economic and trade ties with the South Caucasus and Central Asia. Wider access to new markets is crucial for China as a means to minimize external negative impacts."

He believes China will be able to realize future economic growth targets. "The half-year macroeconomic outcomes of this year show that China has already achieved particular targets in terms of industry, employment and inflation, which gives the country plenty of opportunity to maneuver and cope with challenges."

Department head at the Institute of Economics of Azerbaijan National Academy of Sciences Leyli Allahverdiyeva praised China's measures to maintain its successful economic performance. "Liberal reforms with respect to foreign trade are one of such measures."

China was lowering tariffs and creating favourable climate for foreign investors, said Allahverdiyeva, expressing confidence that "this will definitely boost China's trade with other countries, encouraging the attraction of foreign investments."