**Interview with Huang Weiting, Deputy Director of the Decision-Making Consultation Department, National Development and Reform Commission**
*Interviewer*: The recent statistics from the National Bureau of Statistics show that China’s economy has demonstrated stability and progress in the first three quarters, with a GDP growth of 4.8%. How significant is this growth in the context of the global economy?
*Huang Weiting*: This growth is quite noteworthy. In light of the complex external environment and new domestic economic challenges, achieving a 4.8% growth rate places China among the leading economies globally. It highlights our systemic advantages and reaffirms that the fundamentals of our economy—its stability and long-term potential—remain intact. We are seeing a collection of positive factors that are interconnected and mutually reinforcing, paving the way for sustainable high-quality development.
*Interviewer*: What are the key factors driving this economic performance?
*Huang Weiting*: The most crucial factors are the implementation of robust policies and significant reforms. On September 26, the Central Politburo emphasized growth stability, launching a series of measures aimed at enhancing macroeconomic policy, boosting domestic demand, supporting businesses, stabilizing the real estate market, and revitalizing the capital market. Such decisive actions have bolstered public expectations and market confidence. The reforms discussed at the 20th National Congress are also being rolled out, such as soliciting public opinion on the draft of the Private Economy Promotion Law, which is designed to further empower the market and enhance overall vitality.
*Interviewer*: How have the macroeconomic indicators reacted recently?
*Huang Weiting*: There has been noticeable improvement in several economic indicators. In September, we observed a lift in industrial output, with a 5.4% year-on-year increase after four months of decline. The service sector also grew by 5.1%, and we saw a rebound in the manufacturing Purchasing Managers’ Index, which rose to 49.8%. On the demand side, fixed asset investment held steady, growing by 3.4%, and retail sales increased by 3.2% in September. Overall, these indicators reflect a positive trend toward economic stabilization.
*Interviewer*: What are the underlying factors that contribute to the long-term health of the economy?
*Huang Weiting*: The long-term stability of our economy is fundamentally rooted in our systemic and resource advantages. The shift from a demographic dividend to a talent dividend is crucial, as we have a wealth of skilled labor and entrepreneurs. Additionally, as one of the largest economies globally, China excels in leveraging advanced production factors like knowledge, technology, and data. The leadership of the Party and the socialist market economic system continue to be vital in maintaining this positive trajectory.
*Interviewer*: Can you discuss the new driving forces behind economic growth?
*Huang Weiting*: We’re currently at a pivotal moment, transitioning from old to new growth drivers. We are focused on cultivating and developing advanced production capabilities, especially through deep integration of technological and industrial innovation. In the first three quarters, high-tech manufacturing sectors grew by 9.1%, outpacing overall industrial growth. Notably, sectors like information technology and green industries are experiencing double-digit growth, which not only supports current economic stability but also drives the necessary transformation and upgrading of our economy.
*Interviewer*: As positive indicators accumulate, how are businesses and consumers responding?
*Huang Weiting*: There is a noticeable improvement in both corporate and consumer sentiments. A survey of 100,000 large enterprises shows a 1.3 percentage point increase in those optimistic about their fourth-quarter performance. Additionally, during the recent National Day holiday, consumption showed remarkable vigor, with some industries reporting a 25.1% year-on-year increase in daily sales. The combination of policy initiatives and improving microeconomic conditions is prompting foreign investment institutions to raise their growth forecasts for China.
*Interviewer*: What strategies will be adopted to sustain this positive momentum?
*Huang Weiting*: We must focus on continuously building on these positive factors. This involves systematically implementing both existing and new policies, addressing any bottlenecks in policy execution, and aligning expectations across the board. We will prioritize a balanced approach, ensuring the policies for this year and next year are well-coordinated, while also preparing additional growth measures. Our goal is to return the economy to its potential growth level while improving overall productivity and laying a solid foundation for the coming years.
*Interviewer*: Thank you, Huang Weiting, for sharing these insights into China’s economic outlook.
