Embassy Spokesperson: A General Assessment on the Current Chinese Economy
驻挪威使馆
2019/12/18
As the world's second largest economy and the country with the highest contribution to global economic growth, the performance of the Chinese economy is not only concerned by 1.4 billion Chinese people, but also by the others. A correct interpretation of Chinese current economic situation is of great practical significance.
In the first three quarters of 2019, China's GDP grew at a rate of 6.2%, much higher than that of the major economies including United States, Japan, and the European Union. It has the fastest growth rate among economies with GDP more than 1 trillion USD. There were 10.97 million new jobs created in cities and towns across the country. The national disposable income per capita increased by 6.1% in real terms, and the per capita income of rural residents in poor areas  increased by 8.0%. The total retail sales of consumer goods increased by 8.2%, and the national residents per capita consumption expenditure was 15,464 yuan RMB, an increase of 8.3%. The number of middle-income groups reached more than 400 million. From the above basic figures, we can conclude that China's current economic performance is generally stable and going well.
There is no surprise that the Chinese economy also faces some difficulties and pressures, including the Sino-US trade dispute, but their impact is limited. In the first three quarters, China's total imports and exports of goods totaled 22.9 trillion RMB, a year-on-year increase of 2.8%. More than 30,000 foreign-invested enterprises were newly established, and the actual utilization of foreign capital increased by 6.5%. According to the "Doing Business 2020" released by the World Bank, China ranks 31st globally, up 15 places from 2018. China is still the most favorite destination for investment from various countries.
Moreover, China's macroeconomic statistics are micro-supported. In the first 10 months of this year, there were 11.93 million new jobs created in cities and towns across the country. The goal of creating more than 11 million new jobs in cities and towns was achieved ahead of schedule. In the first 10 months, railway freight shipments increased by 6.40%, power generation increased by 3.1%, and electricity consumption in the whole society increased by 5.0% year-on-year. Over 500 million passengers carried during the National day Golden Week. These figures are the most direct reflection of Chinese economic growth. China welcomes different voices, but accusations lack of facts and data are meaningless. Some people with ulterior motives may question whether China's official economic data is real. As a matter of fact, China's national economic accounting system has been in line with international norms, and its statistical foundation is becoming increasingly solid, and its statistics are comparable internationally. Some people claim that China's economy will collapse and have creamed it for decades. Such conclusions are self-defeating.
China's development is still in a period of important strategic opportunities, with strong economic development, strong momentum, and great potential. The long-term fundamentals have not changed and will not change. Looking forward to the future, China will open its doors wider and wider, and exchange and cooperation with other countries including Norway will become more extensive and deeper. Sino-Norwegian trade in 2018 was 11.2 billion USD, increased by 9.5%. In the first three quarters of this year, the Sino-Norwegian trade volume was 8.48 billion USD, further increased in 4.3%. Norway is a world leader in oil and gas development, fisheries, marine engineering, shipbuilding,  renewable energy and environmental protection. China's huge domestic market and an open and fair business environment provide huge business space for Norwegian companies. Sino-Norway economic and trade cooperation has huge potential, bright prospects, and unlimited business opportunities.
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