Survey highlights progress in rebalancing

If you believe the words of the US president, China's economy is suffering unendurable pain, thanks to the excessive tariffs his administration has placed on Chinese imports.

But while China has felt the blows of the US trade attack, it is the country's bid to transform its development mode that has put the brake on its previously excessively rapid growth. And that is short-term pain for long-term gain, since it is aimed at guaranteeing sustainable, higher quality growth.

Injecting a fresh dose of confidence in China's economic well-being, the National Bureau of Statistics on Wednesday released the results of the latest national economic survey, which show that China's rebalancing toward a consumption and services-driven growth model from one that is mostly fueled by exports and investment seems to be well on course and picking up speed.