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China's GDP growth at 7.5% in Q2, reaching government targets

CCTV.com

07-16-2014 16:47 BJT

Full coverage: China's Economic Data

Recent targeted stimulus employed by the Chinese government to maintain steady growth appears to be working. China’s economy grew at 7.5% in the second quarter of this year, reaching government targets.

A National Bureau of Statistics spokesman says China’s efforts on structure reforms have shown positive results.

A National Bureau of Statistics spokesman says China’s efforts on structure reforms have shown positive results.

A National Bureau of Statistics spokesman says China’s efforts on structure reforms have shown positive results.

"We can see our industry structure is improving. Expansion in the services sector accounted for more than 46 percent of the total economic growth, up 1.3 percent from the same time last year.Domestic demand also became the main driving force for China’s growth. Internal demand contributed 103 percent to China’s GDP in the first half of this year," Sheng Laiyun, Spokesman of National Bureau of Statistics said.

The government has made it clear that it will tolerate slower growth and focus and reforms.While a massive stimulus may have fallen out of favor, more targeted measures have been administrated to ensure the macroeconomic performance is within acceptable levels.

Many economists believe that more micro, targeted measures are necessary in the coming months to sustain any recovery, especially if the already cooling property market begins to deteriorate more sharply.

"With the recovery of the US economy and more targeted micro stimulus, many believe that China is likely to achieve its 7.5% annual growth target, and that interest rate liberalization, and fiscal and taxation reform will be the key reforms in the near future," Zhu Ning, Deputy Director of Shanghai Advanced Institute of Finance said.

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