Speaking at a new conference held in China today, Ning Jizhe, director of the National Bureau of Statistics, said that Sino-US trade frictions have an impact on economic operation, but the impact is generally controllable. At the same time, Chinas economic growth is generally dominated by domestic demand. There is a wide space for domestic market development. Economic and trade frictions do not and will not change the basic aspects of Chinas economic development.
When talking about the current economic situation, Ningji Zhe pointed out that there are changes in the stable operation of the economy and worries in the changes. The biggest change is the change of external environment. There are many uncertainties. The ups and downs of the past year, the sharp fluctuations in financial markets, commodity prices, the sharp decline in global investment, the prevalence of Global trade protectionism and unilateralism have all had an impact on China, which is already the second largest economy, with import and export trade equal to one third of GDP.
He also pointed out that the domestic environment is also changing, and the structural contradictions accumulated over a long period of time are still the main aspects of contradictions, which are still prominent. At the same time, the economy is in the process of transformation and upgrading, and the pain of transformation is also changing. Of course, there are contradictions, challenges and difficulties in the process of change. Among them, downward pressure has increased and the economic growth rate has fallen.
How much impact does Sino-US trade frictions have on Chinas economy?
It should be said that Sino-US economic and trade frictions do have an impact on economic operation, but the impact is generally controllable. Ningji said that economic and trade frictions have an impact not only on the economies of China and the United States, but also on the global economy. Overall, China is moving forward to overcome this influence. If China and the United States cooperate, they will benefit, but if they fight, they will lose. If they cooperate, they will win more. Every country in the world will benefit, and if they fight, they will lose more.
He further indicated that from the long-term development trend, the trend of globalization of world economic development has not changed. Chinas economy has been deeply integrated into the world economy. Sino-US trade in goods has exceeded $630 billion. The essence of mutual benefit and win-win situation will not change, and the potential of cooperation demand is huge.
At the same time, it should be noted that Chinas overall economic growth is dominated by domestic demand. In 2018, the contribution rate of consumption growth and investment growth together exceeded 100%, while the contribution rate of net exports was negative. Moreover, Chinas domestic market has a vast space to open up. Economic and trade frictions do not and will not change the fundamentals of Chinas economic development. The resilience of Chinas economy to withstand pressure and the stamina to cope with shocks will remain unchanged in the long run. Ningji said.
Source: Author of New Beijing News: Hou Runfang, Editor-in-Charge: Li Hang_BJS 4645