Reform to refresh miracle

Other Views

Slower pace no reason for pessimism

Even slowing down, the annual GDP growth rate of 7.4 percent is still among the highest in the world and the Chinese economy has entered a new era of stable growth. That provides a good opportunity, as well as exerting pressure, for the authorities to adjust the economic structure, promote domestic consumption, and better coordinate among different provinces for the healthier development of all.

People's Daily, Dec 2

As global economies dwell in recession, there is little hope of propelling China's GDP growth through exports; at the same time, the consumption rate cannot be raised in the short term, and investment faces overcapacity. All three horses that were pulling China's economy are weak now and it will be a tough task to maintain the growth rate.

bwchinese.com, Dec 1

Domestic economic growth continues to shrink, as shown by the falling Purchasing Managers' Index of November. As market demand remains weak, enterprises still face the high pressure of stock disposal; however, with the government's various policies coming into effect, the economy will hopefully stabilize.

Zhang Liqun, a researcher at the Development Research Center of the State Council, 21st Century Business Herald, Dec 2

There is no reason to be over-pessimistic about China's economy, because the growth rate is still quite high, with positive changes of its structure emerging: gaps among different provinces are shrinking while more enterprises are pursuing sustainable development to replace the past extensive mode. However, we need to be careful about the hidden problems in the Chinese economy, such as shadow banking and low efficiency. I hope the decision-makers remain cautious yet do something innovative.

Xia Bin, counselor to the State Council, Shanghai Securities News, Nov 28