Official upbeat about realization of China's growth goal

BEIJING -- China's statistics authorities chief was upbeat that the country will meet its annual growth target for this year after the latest data indicated signs of bottoming out.

The economy is expected to hold steady during the remainder of the year thanks to the encouraging start, effective pro-growth measures, deepening reforms and stable economic fundamentals, Ning Jizhe, head of the National Bureau of Statistics (NBS), said in an interview with Xinhua.

GDP grew 6.7 percent year on year in the first quarter, narrowing from the previous quarter's 6.8 percent, NBS data showed. This figure was in line with market expectations and remained within the government's targeted range of between 6.5 and 7 percent for 2016.

"Positive changes in major indicators will help firm market sentiment," Ning said.

In January-March period, consumption expanded 10.3 percent, fixed-asset investment was up 10.7 percent, while industrial production rose 5.8 percent, with growth rates all accelerating from the first two months.

Given the warming trend, the existing policy support will continue to take effect, Ning said, citing demand-stimulating measures and supply-side structural reform.

Improvements in market expectations will translate into real production and investment that will help resolve industrial overcapacity, enhance corporate performance and stabilize the economy, he said.

Besides, new economic drivers will grow rapidly as the government continues to cut red tape, support innovation and entrepreneurship, and liberalize markets, Ning said.

"The Chinese economy is still resilient, full of potential and has ample wiggle room," he said.

The economy is developing and the ongoing urbanization, industrialization and economic transformation will provide a major impetus to the economy, Ning said.

Global investors also began to be more positive on China's economic outlook.