How will the escalation of sino-us economic and trade friction affect China's economic operation?How to understand China's current economic situation?What other real measures can we take to ensure that China's economy achieves its annual target?

In a recent interview with the financial times, ning jizhe, deputy director of the national development and reform commission and head of the national bureau of statistics, said that the current fluctuations of some indicators in China's economy are normal, and that the overall stability, steady progress and steady development will not change.Ning said China's economy is resilient and resilient, with experience and methods to cope with risks, and the main expected goals of economic and social development for the whole year can be achieved.

Look at fluctuations in indicators in a neutral way

Since the beginning of this year, the growth rate of some major economic indicators in China has slowed down to different degrees, and some people worry that the "second half" of China's economy in 2018 will be sluggish.

"" to view China's economic situation, we need to look at the whole, the overall situation and the long term.In the first eight months, the economy continued to maintain an overall stable, steady and positive trend.Ning said that "stability" was mainly reflected in the four major macroeconomic indicators, namely stable growth. In the first half of the year, China's economy grew at a rate of 6.8%, and maintained a stable operation range of 6.7% to 6.9% for 12 consecutive quarters.Employment was stable, with nearly 10 million new urban jobs created in the first eight months, 90 percent of the annual target.In the first eight months of this year, consumer prices rose 2 percent year-on-year and producer prices rose 4 percent year-on-year, indicating that prices were rising moderately.China's foreign exchange reserves have remained above $3 trillion and its exchange rate has been basically stable.

"" more importantly, while 'stable', the 'good' factor is still gathering." ""Ning said.The economy is structurally sound, with final consumption accounting for 78.5% of growth in the first half of the year, for example.Economic performance is improving, with industrial profits up 16.2% year on year in the first eight months, for example.The quality of development is improving. For example, in the first half of the year, China's per capita disposable income increased by 6.6% in real terms and continued to outpace the growth rate of per capita GDP.

"China's economy has continued to maintain a steady, positive trend.You should look at the monthly and quarterly fluctuations in indicators in a normal way, and some of the fluctuations are due to technical factors.'China's economy is resilient and has rich experience in handling risks,' said ning. 'the main expected goals of China's economic and social development this year are realized with conditions, ability and confidence.'

Fourth, economic and trade frictions

Ning jizhe, who just concluded the eighth macro-economic policy dialogue between China's national development and reform commission and the European commission's department of economy and finance, said, "the impact of china-us economic and trade frictions is of global concern.The economic and trade frictions between China and the United States have an impact on China's economic performance, but the impact is generally manageable.

Judging from the impact on economic growth, with China's economic transformation and upgrading, the role of domestic demand in economic growth has been increasing.In the first half of this year, domestic demand from consumption and investment accounted for more than 100% of economic growth.Giving full play to the role of household consumption and effective investment in economic growth can reduce the impact of external economic and trade frictions to a controllable range.

In terms of the impact on employment, as some export commodities are subject to tariffs, some business orders may be reduced, which in turn affects employment.At present, China is in a good period of employment. By deepening reform of the regulation system, policies and measures conducive to innovation and entrepreneurship can be implemented and effectively overcome the impact of economic and trade frictions on employment.

Judging from the impact on prices, China has the largest and most complete industrial system in the world.As long as supply and demand are basically balanced, it is difficult for the fluctuations of individual commodity prices caused by economic and trade frictions to lead to overall price increases.

Judging from the impact on international balance of payments, China's current trade surplus in goods, stable trade deficit in services, and net inflow of cross-border capital, China's objective conditions and subjective ability to maintain the basic balance of international payments.

Good "six steady" real action

Ningjizhe said that the current steady employment, stable finance, stable foreign trade, stable foreign investment, stable investment, stable expectations mainly from five "expansion" -

We will expand the comfort level of enterprise production and operation.The current difficulties encountered by enterprises are caused by the sino-us economic and trade frictions, as well as the persistent problems in production and operation."We will streamline administration, cut taxes and reduce fees on a larger scale, address the financing difficulties and high costs of small and medium-sized enterprises, and protect them with real money policies.""Ning said.

Expanding employment and reemployment.In response to the impact of china-us economic and trade frictions on employment, a series of new policies are being introduced.

Expand domestic demand.We will remove institutional and institutional barriers that prevent people from upgrading their consumption, introduce policies to support effective investment, and intensify efforts to make up for deficiencies."China's domestic demand market is large, and there is huge room for demand, whether it is regional coordinated development or rural revitalization.""Ning said.

We will expand reform and opening-up.We will deepen reform of the regulatory system, further reduce institutional transaction costs for enterprises, and continue to deepen reform of fiscal, taxation, financial, state-owned enterprises, investment, and prices.We will implement major measures to open wider to the outside world and substantially relax market access, and effectively protect the lawful rights and interests of foreign-invested enterprises in China.

Expand international diversified market space.We will expand trade and investment in a wider range of areas with countries and regions around the world that support equal consultation and win-win cooperation.