Economy resilient, despite production downturn: People’s Daily
Contrary to downward pressure on the nation's industrial development, China can weather the storm, ministry says
China’s industrial economy is still operating in a reasonable range and there is no need to worry over the current sluggish growth of industrial production, according to the People’s Daily Overseas Edition, the mouthpiece of the ruling party.
According to a spokesman of the Ministry of Industry and Information Technology at a press conference on Tuesday, there is increasing downward pressure on China’s industrial development.
The continued downturn in automobile production and sales has aroused widespread concern. According to the data released by the ministry, in the first three quarters, China’s production and sales of autos was 20.49 million units, continuing the year-on-year negative growth for three consecutive months.
However, the Chinese economy has strong resilience, a large market and a comprehensive supporting system for industrial development, and thus has the ability to withstand the impact of various unfavourable factors, the Daily said.