The Chinese economy is now operating at a more stable pace, according to Yi Gang, deputy governor of the People's Bank of China. The Chinese central bank official offered his take on the economy at a panel held on Oct. 6 as part of the World Bank-International Monetary Fund (IMF) annual meetings.
Judging from the latest economic data, China's economy is indeed seeing an upward trend. In September, the official manufacturing Purchasing Managers' Index (PMI) rose to 50.4, the highest reading since October 2014.
Zhao Qinghe, a senior statistician with the National Bureau of Statistics, described the current ideology behind China's manufacturing industry: production is maintaining smooth growth, market demand is expanding despite small fluctuations, and the new order index has grown continuously for several months. At the same time, high-tech production and manufacturing are both maintaining fast-paced growth, and imports and exports have rebounded, with the new export orders index bouncing back above the threshold, indicating that China's exports to maintain expansion in general. The import index also recently reached this year's highest point.
According to economist Tang Min, China's economy is slowly picking up compared with previous months. In the months to come, manufacturing and non-manufacturing sectors, along with and small and medium-sized enterprises, will likely see slight growth, but recovery is not yet fully stable given the sluggish global economy.
Several experts have stated that, while the world economy certainly impacts China, the upward trend of China's economy will likely continue because China has great capacity for domestic demand, more innovative measures and the unwavering resolution to carry out reform.
