(ECNS) -- An interest rate rise by U.S. Federal Reserve will have limited impact on China's economy in the short term, said Mao Shengyong, spokesperson of the National Bureau of Statistics (NBS).
It is likely that the Fed will hike the interest rate again in the second half of the year, as the market expects, and that would have some affect on global capital flow. From past experience, the impact on the Chinese economy from a Fed rate hike is limited in the short term, said Mao.
Mao added international trade frictions have intensified and on the whole the world economy has seen increased imbalance and instability.
Meanwhile, the growth momentum in most economies is relatively good and the world economic recovery continues, creating good conditions for sound development of the Chinese economy and foreign trade, according to Mao.
China’s foreign trade will maintain steady development in the second half of the year as domestic consumption contributes 60 percent of growth while reform and opening up have stimulated more vitality, said Mao.
“I’m still confident that China’s economy will achieve the 6.5 percent growth target this year,” said Mao.
