Reassurance on China's 'stabilising' economy

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Reassurance on China's 'stabilising' economy

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China’s economy is said to be showing clear signs of stabilisation and is on track to meet the government’s growth target for this year of seven and a half percent.

Concerns in the financial world about China’s slowdown seem to have prompted that update from the state statistics bureau.

It said improvement was coming from changes in government policy and an increase in global demand for Chinese made goods.

The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organised by the foreign ministry.

“We are confident that the economy is sustaining the positive momentum in the second half and confident of meeting the economic growth target,” said Sheng Laiyun, the NBS’s spokesman.

“The economy is showing some positive changes. Signs of growth stabilisation are becoming more obvious,” he said.

The Beijing government recently launched a series of targeted measures to support the economy.

They included scrapping taxes for small firms, offering more help for struggling exporters and accelerating investment in urban infrastructure and railways.