The yuan's midpoint saw a substantial increase to 6.6770 against the greenback Thursday, the strongest in more than 10 months, following a steady
strengthening streak since the beginning of 2017. Onshore and offshore rates
were also much firmer.
While curbed capital flight and the weaker U.S. dollar were considered the immediate cause Nike Air Vapormax Sale , the country's economic resilience played a fundamental role in propping up the
currency.
China posted a forecast-beating GDP increase of 6.9 percent in the second quarter of the year despite expectations of a loss in momentum, flat with that
of the January-March period. From buoyant factory activity to robust imports,
latest indicators have disappointed doomsayers.
"Once again, the Chinese economy has defied the hand wringing of the nattering nabobs of negativism," Stephen Roach, faculty member at Yale
University Nike Air Vapormax Mens , wrote in an article on Project Syndicate.
CONSUMPTION POWER
Roach said deeper issues, namely reforms, were overlooked by pessimistic analysts. "The Chinese economy is in the midst of an extraordinary structural
transformation - with a manufacturing-led producer model giving way to an
increasingly powerful services-led consumer model."
The transition is being briskly pushed forward by China's middle class, a growing group generous in spending and fastidious in quality that will likely
dominate the demographic structure in next decades.
Homi Kharas, now with the Brookings Institution, predicted in an OECD working paper that China will add 850 million to its middle class by 2030 Nike Air Vapormax Womens , which means the group will account for 73 percent of the population. In contrast, Europe will add only 16 million and
North America will see a decline of 16 million.
The trend forecast by Kharas will reshape the landscape of both China and the world. "China will have a 9.7-trillion-dollar consumer market by 2030, the
largest in the world," according to a lengthy report by Morgan Stanley, which
predicted the world's second largest economy will become a high income country
at that time.
The predicted picture is yet to come true, but preliminary effects have already been felt. Consumption contributed 63.4 percent of economic expansion in
the first half (H1) of the year Nike Air Vapormax Shoes , outshining old engines of investment and exports.
INNOVATION-INSPIRED MIRACLE
Encouraged by robust domestic demand, Chinese companies, dissatisfied with churning out unprofitable, inferior small wares, are striving to climb up the
industrial value chain to master the technology essential for creative, quality
products.
The output of high-tech and equipment manufacturing rose 13.1 percent and 11.5 percent in H1 Nike Air Vapormax 2018 , respectively, outpacing the 6.9-percent increase of the broader industry.
Emerging sectors including new energy and new materials also picked up speed.
From high-speed trains to shared bicycles and mobile wallets, Chinese innovation is shaking up the global tech world and people's daily lives.
China moved up the list of the world's top 25 innovative economies, rising three notches from 25 to 22, according to a key innovation index jointly
released in June by the World Intellectual Property Organization, Cornell
University and INSEAD.
The country was top in a number of sub-rankings Nike Air Vapormax Flyknit , including domestic market scale, human resources, patents by origin, high-tech exports, and industrial design by origin.
Despite a slower growth pace, the China miracle is not over but has entered its second phase focusing on consumption Nike Air Vapormax , technology and innovation, advanced manufacturing, and services, Michael
Zakkour, China vice president at consulting firm Tompkins International, said in
an article on Forbes.
RISKS LINGERING
Despite bright prospects Cheap Air Vapormax , risks are still looming for the economy in transformation.
Roach highlighted piling corporate debts and volatile home markets, and accordingly called for reforms in state firms and proper regulation over the
property sectors including ensuring housing demand and restraining speculation.
Analysts also warned of risks from fiscal deficits and trade frictions with the United States.
Fully aware of the challenges, China's policy makers have rolled out a series of measures, reining in credit expansion and curbing overheated home purchases.
Debt-ridden zombie companies are being dissolved and home markets are gradually
back on track.
"Risks are generally controllable," Chinese Premier Li Keqiang said at the Annual Meeting of the New Champions 2017, or Summer Davos Air Vapormax Sale , in the city of Dalian. "We are capable of fending off all kinds of risks and ensuring the economic growth stays in a reasonable
range."
Scene in epicenter of 7.0-magnitude quake in Jiuzhaigou
Top political advisor calls for progress in ethnic unity
Aftermath of 7.0-magnitude quake in Jiuzhaigou, SW China
Gong wins China's first gold medal, surprise victories for Warholm and Francis
Highlights of multinational drill in Georgia
People mark national Fitness Day around China
Aerial view of Gula Town in S China
Qiandao Lake: Home to 114 known fish species
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