Chinese economy endeavors to maintain stable growth

BEIJING - The Chinese economy endeavors to maintain its trend of stable growth while facing an uncertain global economy and a long road to transforming itself.

Some experts are prudently optimistic about prospects for the Chinese economy, while others have expressed their concerns.

Official data shows China's foreign trade reached 382.4 billion U.S. dollars in January, up 10.3 percent from the previous year.

The manufacturing purchasing managers' index retreated to 50.5 percent in January, a low last seen in August 2011 though still above the 50-point level that demarcates growth and contraction.

China's consumer price index, however, remained flat at 2.5 percent year-on-year in January, a month when people usually shop before the Chinese lunar new year, which started on January 31 this year.

The International Monetary Fund estimated recently that the Chinese economy would increase by 7.5 percent and 7.3 percent in 2014 and 2015 respectively, 0.3 percentage points and 0.2 percentage points up from its previous forecast.

Joydeep Mukherji, managing director for sovereign ratings at Standard and Poor's, said in January the rating agency would not change its rating on China's sovereign debt after China's latest estimation showed growth in liabilities directly carried by governments at various levels.

If the Chinese economy grows by 7.5-8 percent, its capacity to service the debt was extremely strong, Mukherji said, voicing his confidence the growth engine of the world's second largest economy was still good.

"As long as growth is there, the (Chinese) government would have the money to pay for all their debt one way or another, whether local government debt or its own debt, because the money is coming in," Mukherji said.

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