Opinion / Op-Ed Contributors

A change for the better

By Qi Jingmei (China Daily) Updated: 2013-08-05 09:12

Despite the slowdown in economic growth, there are signs that economic restructuring is starting to yield results

Data shows that, against the backdrop of slowing economic growth, some changes quietly took place in the economic structure of China in the first half of this year. This was what the government's macroeconomic policies were intended to achieve and the changes were also consistent with the economic development strategy of the 12th Five-Year Plan (2011-2015).

Despite the slowing economy, the central government has focused on economic restructuring and the transformation of the economic growth model instead of introducing a stimulus package. The efforts to optimize and restructure the economy have yielded substantial results.

First, the tertiary industry grew at an accelerated speed and increased its contribution to the national economy.

China's GDP grew by 7.6 percent in real terms in the first half of the year, 0.2 percent lower than that of the corresponding period last year. There emerged an encouraging trend toward a better economic structure, with slower growth and a bigger contribution from the tertiary industry. China has been vigorously developing modern service industries such as the logistics industry and online shopping.

Second, the growth of the high-tech industry has accelerated.

A change for the better

In the first six months this year, the added value of high-tech industries went up by 11.6 percent, and high-tech industries and strategic emerging industries are displaying a good development momentum.

Third, the investment mix has improved and domestic consumption continues to grow.

Starting from the beginning of this year, thanks to the macro control policies, there was a smaller increase in investment month by month and an improved investment mix. In the first half of the year, the manufacturing sector saw an increase of only 15.6 percent in investment, while the investment in the tertiary sector increased by 33.5 percent and 23.5 percent in the primary sector. Retail sales of consumer goods grew at an accelerated pace month after month, rising faster in rural areas than in urban areas. And online shopping increased more rapidly than in-store purchases. Rural consumption, online shopping and other forms of consumption highlighted the upgrading of the consumption structure.

Fourth, prices were kept at a reasonable level and new jobs created.

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