China's economy has overcome the recession and crossed to a horizontal movement
Today the Head of the Center for Development Studies under the State Council of China Li Wei said that China's economy finally has overcome the recession and moved to a horizontal movement, which is a prerequisite of sustainable growth in the future. However, this does not mean that the economic transformation has ended, so, small fluctuations are very likely to happen in coming years.
Last year, the GDP of China increased by only 6.7%, which represents the worst figure for the last 26 years. However, according to Li Wei, now within the country and in the international arena there are positive economic signals for the PRC. On Sunday, Ning Jizhe, the Vice Chairman of China's National Development and Reform of China, said that according to the preliminary data, for the first two months of 2017 the industrial production volume rose by 6%, and the unemployment in major Chinese cities came to 5%.
Despite the positive momentum, Li Wei does not deny the fact that China still has to overcome a lot of difficulties, because growth of its economy relies mainly on the domestic demand.