China's economic growth slowly stabilizing

BEIJING -- A senior government official said on Wednesday that price rises have continued to slow since the beginning of the year as a result of improving supply-demand relations and dropping prices for some bulk commodities in the international market.

Zhang Ping, minister in charge of the National Development and Reform Commission, said while briefing national lawmakers at a bimonthly session of the National People's Congress Standing Committee that the government's policies and measures have been effective and the country's economic growth is stabilizing at a slow pace.

According to Zhang, speculative and investment demand have been effectively suppressed due to government control policies for the real estate market. In July, prices for newly-built commercial residential buildings showed a year-on-year decrease in 58 out of 70 major Chinese cities.

China's top legislature began its bimonthly session on Monday. Zhang made the remarks while delivering a report at the session on the implementation of a national economic and social development plan since the beginning of this year.

Zhang said China's economic and social development are still facing a complicated environment, adding that uncertain factors may create new setbacks, thus continuing the economic difficulties.

On the other hand, the director said, China's economic fundamentals are in good shape, since domestic demand has great potential and plenty of room remains for the government's macroeconomic control policies.

According to Zhang, the government's public revenues in the first seven months hit 7.44 trillion yuan ($1.14 trillion), an 11.6 percent increase year-on-year.

China's GDP for the first half saw a 7.8-percent year-on-year increase.