It said the economic dynamic in the first quarter shows major and promising transformation of China's economy and indicates huge development potential of the world's second-largest economy.
The added value of the tertiary industry accounted for 56.9 per cent of GDP, a 2 per cent year-on-year growth. Industry and investment growth in central and western regions went faster than in the eastern region.
Furthermore, consumption contributed more than 60 per cent of economic growth, and online retail saw a 30 per cent year-on-year increase amid robust development of industries such as tourism and health care.
Despite downward pressures, China was able to create more jobs. The credit largely goes to domestic consumption and service industry.
The article acknowledges that regional gaps as well as the urban-rural gap remain huge, which means huge development potential under the context of new-type industrialization, informatization, urbanization and agricultural modernization.
In urbanization, a one percentage point increase rate will drive 3.7 points in investment growth and 1.8 points in consumption increase.
The article claims that considering all aspects, China's economy is running steadily, which is why the IMF has recently raised expectations for China's economic growth over the next two years. (SH)
Fibre2Fashion News Desk – India