Economic rebalancing makes progress
Print Edition
CHINA has made progress in rebalancing its economy to relying more on consumption than investment despite economic growth faltering in the third quarter, JPMorgan said yesterday.
Latest economic data showed that consumption contributed 48.5 percent to economic growth in the first three quarters of 2014, compared with 41.5 percent by investment and 10 percent by exports.
“That has shifted from an excessive dependence on investment in the past few years, reflecting an optimistic improvement in restructuring the economy toward a consumption-based growth mode,” Zhu Haibin, chief China economist at JPMorgan, told a media conference in Shanghai.
The economic rebalancing also helped narrow the gap between urban and rural income levels, with rural household income surging 9.7 percent in the first three quarters of this year, well above the gain of 6.9 percent in urban household income, Zhu said.
Zhu said the government will continue to deepen reforms of the fiscal system, land and state-owned enterprises. It has also unveiled measures to support growth of emerging industries such as tourism and health care service to give a boost to the economy.
“These structural reforms, together with fiscal and monetary policy responses in a more controlled manner, are positive for China to achieve sustainable growth in the long run,” Zhu said.
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