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 Geplaatst: 28-08-2018 07:05:43 Onderwerp: the local average p |
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BEIJING Nene Jersey , Aug. 17 (Xinhua) -- China's economy is no longer growing at the dazzling speed it used to, but it could offer global investors far better opportunities as it focuses on restructuring and defusing possible threats to sustainability.
After a rebound in the first two quarters of this year, key indicators, including industrial output, investment, retail sales and new loans, all grew less than forecast in July, sending jitters across the world markets.
The anxiety is understandable, given the role it has played in the world economy. Contributing to one-third of global growth, any faltering will ripple throughout the world.
Yet it would be hasty and short-sighted to over-react to the softer momentum.
Looking deeper, one should be clear that a desired transition is underway -- the economy is shifting from high-speed growth to medium-high pace growth, while optimizing structure and changing the growth model from the unsustainable export- and investment-driven pattern to one that draws strength from consumption, the service sector and innovation.
Consumption, which contributed to 63.4 percent of the first-half economic growth, expanded 10.4 percent in H1, accelerating marginally from the same period of 2016 and the first quarter this year.
Continuously expanding domestic demand will become an increasingly important source of export-led growth for China's major trade partners, provided that those countries grant open access to the growing Chinese markets.
The service sector, already accounting for 54.1 percent of the economy, maintained strong growth in H1. High-tech and equipment manufacturing industries expanded faster than the overall industrial output.
Instead of erecting trade and investment barriers, China has been striving to open up wider, which means global investors could have more opportunities in the market even its growth slows. In the latest move, China announced Wednesday a series of measures to attract foreign investment, including easier access and better protection of intellectual property rights.
Sure growth will linger in the lower track, at least for the near future. Restructuring will continue pace, but it takes time for the new economic drivers to take up the slack from the weakening old ones.
Despite the restructuring pains, the economy is also under stress from ongoing campaigns -- ranging from cutting excess capacity, containing leverage and asset bubbles to shutting polluting factories, as the government attempts to sacrifice short-term growth for longer-term development.
The challenge lies in striking a balance between stabilizing growth and advancing in these fronts, which the government has been managing well.
Although growth may slow in H2, the slowdown will be gradual and will not threaten China's ability to fulfill the 2017 target of around 6.5 percent. Even if an extreme case occurs, policy makers have ample room to boost activity and avoid a drastic decline.
Expressing their confidence in the economy, international financial heavyweights have raised their forecasts for its growth.
As the global recovery still moves in fits and starts, a more sustainable, albeit slower China will remain the world's major growth engine.
by Xinhua writers Lyu Qiuping， Li Jinhua and Deng Huaning
HAIKOU， July 14 (Xinhua) -- Sixteen-year-old Pan Hong (not her real name) is expecting her second child.
The five-month pregnant teenager spends most of her time watching TV while caring for her two-year-old girl.
"Eating， feeding the baby， watching TV， that's all I do， every day，" she says calming her crying baby with one hand while switching TV channels with the other.
Like other teenagers， Pan likes playing with her smartphone， watching Korean TV series， and eating "latiao，" a spicy snack favored by kids.
Pan lives in a fishing village on China's island province of Hainan. Her "husband，" 17， fishes with his father everyday， while her mother-in-law， 40， stays at home with Pan and the baby.
In China， the legal age of marriage is 20 for a woman and 22 for a man. Yet， teenage parents， like Pan， are not unusual in Lingao County.
According to the county hospital， 20 girls aged under 16 delivered babies from May 2015 to February 2016， equal to two to three teenagers becoming mothers every month. The youngest mother was only 13.
As underage marriage is illegal， there are no official statistics on the true size of the problem.
FRUIT， NOT FORBIDDEN
Pan and the father of her child met at an Internet cafe when she was 13， and soon a relationship developed.
According to Pan， underage sex is "no big deal，" as many of her classmates "did it" already. She dropped out high school when she was three month's pregnant.
"I was vomiting every day， I had no idea what was wrong until the doctors told me I was pregnant，" she laughed.
Supported by her parents， she moved into her boyfriend's family home and the couple started their "married life，" albeit without a legal marriage.
Her father-in-law owns a boat and employs a dozen fishermen. Fishing brings the family almost 10 times the local average per capita income， which is around 8，800 yuan (1，300 U.S. dollars) a year.
"I'm pleased with my life， and I think I am a good mother，" she smiled.
According to Chen Jideng， dean of Xinying Township High School， as children are often left at home alone when their parents fish for long hours， underage sex is not rare.
Chen said the school has banned public displays of affection on campus， but， yet， female students like Pan， continue to drop out of school after falling pregnant.
According to Chen， many parents turn a blind eye， and some even expect their children to produce a grandchild as early as possible.
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