China remains confident in achieving annual growth target

BEIJING - China is confident and capable of achieving its annual growth target, and it has ample policy tools to address shocks from external uncertainties, a senior official with the country's top economic planner said Tuesday.

"We have the confidence, strength, and conditions, and we have sufficient competence to counter uncertainties in the world economy with certainties from China's economic resilience and sustainability," said Yan Pengcheng, spokesperson for the National Development and Reform Commission (NDRC).

Yan, also head of NDRC's policy studies department, made the remarks when commenting on China's economic performance in the first six months of 2018 and its future growth trend at a press conference.

China is aiming for annual economic growth of around 6.5 percent this year. In the first six months, China's GDP rose 6.8 percent year on year, latest official data showed.

The country's economy expanded 6.9 percent in 2017, picking up the pace for the first time in seven years.

Yan said China's major macroeconomic indicators have remained stable in the first half of this year with continued improvement in economic structure, quality and efficiency.

Years of economic transformation has turned China into an economy mainly driven by consumption, services and domestic demand instead of investment and exports, which will provide support for China's future economic development, Yan said.

Meanwhile, China has experience in managing risks and challenges from previous financial crises, as well as sufficient room for policy maneuver to cope with shocks from uncertainties in the world economy, he said.

In the second half of the year, China will make macro-policies more flexible and coordinated to keep economic fundamentals stable, Yan said, pledging to further unlock domestic demand, push forward reform in key areas, improve the business environment and continue opening-up.