Recently, the People's Bank of China announced that targeted cuts to required reserve ratios will be implemented in inclusive finance from 218. The move was immediately welcomed by the market, and financial stocks in Hong Kong stock market soared. According to The Wall Street Journal, this move has released a clear signal that the overall orientation of China's prudent and neutral monetary policy has not changed. "China's currency is basically stable, and all indicators point to sustained economic resilience." The British "Financial Times" said: "This is to promote structural reforms on the supply side."
The ability to accurately control monetary policy has increased the confidence of China's macroeconomic fundamentals. Statistical analysis shows that the manufacturing PMI rebounded more than expected in September, and key indicators such as new orders and export orders rebounded sharply, and China's economy was stable and improving. China's foreign exchange reserve data just released in September also exceeded expectations, showing continuous growth.
In recent years, China has continuously made great efforts to promote economic transformation, implemented supply-side structural reforms, and released its economic growth potential. With the deepening of the work of de-capacity, its effect of promoting economic growth continues to appear. In 216, the gross domestic product exceeded 74 trillion yuan, 1.32 times that of 212 at constant prices, and the comprehensive national strength continued to increase.
China's economy has not only increased quantitatively, but also improved qualitatively. In terms of industrial structure, the growth of high-tech industries, strategic emerging industries and equipment manufacturing industries has remained at around 1% continuously, reflecting that new kinetic energy is accelerating. Among them, the growth rate of investment in industrial technological transformation and manufacturing technological transformation is faster than the overall investment, indicating that the pace of technological transformation is accelerating and the transformation of old and new kinetic energy is accelerating. From the perspective of internal and external demand, consumption has become the main driving force of economic growth, the ratio of consumption to investment tends to be reasonable, and the contribution rate of final consumption to economic growth has increased significantly.
the driving effect of the "one belt, one road" initiative on China's economy and the world economy has begun to appear. When "the world is flat" is upgraded to "the world is universal", economic factors will flow more widely and in a more balanced way around the world, the development potential will be released, and the cake of the world economy will grow bigger and bigger. Reuters commented that with Trump pursuing the strategy of "America first", more countries are striving to join this grand plan launched by China. "Everyone wants to be China's friend," said an article on the website of the Russian weekly Expert.
At present, China's economy is running steadily, and the world is generally optimistic about China's economic prospects. On October 1th, the International Monetary Fund (IMF) released the latest World Economic Outlook Report, which raised the economic growth rate of China this year and next by .1 percentage point compared with that in July, to 6.8% and 6.5% respectively. This is the fourth time that the IMF raised its economic growth forecast for China this year, which shows that the IMF continues to be optimistic about China's economy and shows that the international influence of China's economy has been significantly enhanced. The Peterson Institute for Economics in the United States believes that China's economy will achieve a growth rate of 6% to 7% in 218 for two reasons: First, economic transformation has achieved results, and consumption-driven has become more important; Second, the government regards controlling financial risks as a priority, and China's economic growth is steady and risks are controllable.
Foreign media always pay attention to the good news of China because China has an increasing influence on the world economy, and the stable development of China is an important positive factor for the world. As Obst Feld, chief economist of IMF, said, China's economic growth momentum is strong, and it has made great contributions to global economic growth. In percentage terms, China's contribution is greater than that of any other country in the world.
China has been closely integrated with the world. The world is gradually realizing the great resilience and potential of China's economic transformation. The development of the world economy needs China more and more.