Chinese economy solid amid turbulence
China's trade with BRI countries rose 3.1 percent year-on-year to 14.32 trillion yuan between January and September, accounting for 46.5 percent of its total foreign trade value during the first nine months, Customs data showed.
Zhou forecast that China's foreign trade will gradually improve amid a recovery in domestic demand and policies to stabilize foreign trade taking effect gradually.
In September, China's total exports and imports increased steadily and registered the highest monthly figures for this year. Foreign trade reached 3.74 trillion yuan last month, registering positive month-on-month growth for two consecutive months and the highest monthly figure for this year, according to the GAC.
Jin Ruiting, a researcher at the Institute for International Economic Research of the Chinese Academy of Macroeconomic Research, said while major economies face mounting downward pressures, China has maintained stable performance in foreign trade. And as the Regional Comprehensive Economic Partnership enters a new stage of implementation, China's increasing trade with other RCEP members will boost the country's foreign trade and high-quality development, Jin said.
Despite facing downward pressures and difficulties, Jin took a rosy view of China's economic prospects. "With a population of over 1.4 billion and the world's largest middle-income group, China has a complete industrial system as well as an ultra-large domestic market."
The latest economic data have already showcased fresh signs pointing to a steady economic recovery. For instance, China's official manufacturing and nonmanufacturing purchasing managers indexes both improved in September to 50.2 and 51.7, respectively, from 49.7 and 51 in August. The figures were above the 50-point mark that separates contraction from growth.
Meanwhile, China's consumer prices remained flat while the decline in its factory-gate prices further narrowed in September, indicating still-weak domestic demand amid signs of stabilization and shoring up the case for further steps to bolster the economy.
Considering the continued recovery trend and strong policy support, Zhou from China Everbright Bank said China's economic growth will likely pick up in the fourth quarter, adding the country is capable of meeting its annual growth target of around 5 percent this year.
To further stabilize the overall growth, more efforts are needed to strengthen the coordination between fiscal and monetary policies, stabilize the housing market, further spur the consumption of big-ticket items and better implement policies rolled out recently to stabilize foreign trade, he said.
