Despite the challenges and difficulties ahead, China still enjoys favorable conditions and factors to sustain steady growth, Lou Qinjian, spokesman for the third session of the 14th National People’s Congress, said at a news conference on Tuesday.
He expressed optimism and confidence about China’s economic prospects, saying “the underlying trend of long-term growth and the conditions supporting it remain unchanged”.
“The Chinese economy has a solid foundation, with many advantages, strong resilience and vast potential,” Lou noted.
Citing measures laid out by the third plenary session of the 20th Communist Party of China Central Committee, he said they aim to further deepen reforms comprehensively and promote high-standard opening-up, providing a strong boost to economic vitality.
“China has an ultra-large market and a complete industrial system. It is the only country in the world with industries across all categories in the United Nations industrial classification,” Lou added.
“China also enjoys broad space for growth in upgrading the demand structure and growth drivers, providing strong support for economic development and ample room to maneuver amid various risks and challenges.”
He said China now stands at a critical juncture where new growth drivers are replacing old ones, and the development of new drivers open up fresh possibilities for exploring untapped potential and creating new opportunities.
Looking ahead, he said the NPC and its Standing Committee will continue to provide legal support for high-quality development and high-standard opening-up through its legislative and supervisory work.
China’s economy has sustained robust growth despite uncertainties and challenges on both domestic and international fronts, among the top ranks of major economies in terms of annual growth rate.
China’s GDP for the first time surpassed 130 trillion yuan ($17.85 trillion) with a year-on-year growth of 5 percent last year, maintaining its position as the world’s second-largest economy, data from the National Bureau of Statistics showed.
