The flagship newspaper of China’s ruling Communist Party has run back-to-back commentaries defending the resilience of the world’s second-largest economy, saying domestic risks were being contained while China continued to provide greater stability to the global economy.
The People’s Daily commentaries, published on Saturday and Sunday, came as weak domestic demand and persistent imbalances weighed on second-quarter growth, with July data showing little improvement.
“In the second half of the year, as major projects … get under way and macroeconomic policies take effect in a timely and effective manner, China’s economic performance will remain within a reasonable range, and the country will successfully achieve its annual targets,” Saturday’s commentary said.
The two pieces were published under the pen name of “Zhong Caiwen”, which is widely believed to be associated with the Central Financial and Economic Affairs Commission, a key economic decision-making body headed by President Xi Jinping.
Saturday’s article argued that China’s economic resilience should be assessed not only through headline figures, but also through the quality of growth.
It pointed to continued expansion in hi-tech and equipment manufacturing, while noting that risks linked to property, local government debt and smaller financial institutions were being systematically addressed.
“The risks and hidden dangers in the economic field are being resolved and contained in an orderly manner,” the commentary said, adding that China had maintained the bottom line of preventing systemic risks.