China's economy posts high-quality growth in first half

Despite headwinds and downward pressure, China has maintained its momentum in high-quality economic growth since the beginning of 2019, reported the country's top economic planner and finance ministry on Aug 23.

With its GDP up 6.3 percent, China added 7.37 million new urban jobs in the first half of 2019, and the surveyed urban unemployment rate stood at around 5 percent, said He Lifeng, head of the National Development and Reform Commission, while giving a report on implementation of the national economic and social development plan at a bi-monthly legislative session of the Standing Committee of the National People's Congress.

During the same period, the country's consumer prices rose 2.2 percent, and foreign exchange reserves remained above $3 trillion, according to He.

"There are more positive factors contributing to high-quality growth, sustaining sound economic and social development," He said.

Domestic demand contributed 79.3 percent to economic growth in H1, and service consumption accounted for 49.4 percent of the final consumption expenditure of residents, indicating strong performance of China's economy.

"China will make sure that policies related to cutting taxes and fees are well implemented," said Liu Kun, minister of finance, stressing tax reduction in the sectors of manufacturing, construction and transportation.

The government will also work to prevent and defuse the risks of implicit local government debt, Liu added.