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Monday, August 24, 2015, 18:01

Downward pressure on economy obvious: NDRC

By Agencies

Downward pressure on economy obvious: NDRC

BEIJING - The downward pressure on China's economy has become more obvious as it still faces many difficulties and challenges, the country's top economic planning agency said on Monday.

China expects to achieve full-year main economic targets while keeping growth within a reasonable range, the National Development and Reform Commission (NDRC) said in a statement on its website.

It added that the government expects economic growth will be stable in the second half of this year.

Last week, the NDRC decided to establish a joint ministerial conference to integrate policies that promote mass entrepreneurship and innovation.

The meeting, to be led by NDRC, will bring together more than 20 ministerial-level agencies, according to a statement published its website.

The system will coordinate government measures, resolve major problems, strengthen guidance and supervision, and improve communication among local governments, ministries and enterprises.

It will hold up to two plenary sessions a year, and will be based at the NDRC.

China's economic growth slowed to 7 percent in the first half of 2015 from 7.4 percent a year ago, dragged down by slack trade, large inventories and a sluggish property market.

Last week, official data showed almost all Chinese provincial-level regions posted faster economic growth in the first half of this year, compared to the first quarter.

Total GDP reached about 29.69 trillion yuan (US$4.65 trillion) in the first half of this year, a year-on-year increase of 7 percent, according to the National Bureau of Statistics (NBS).

Out of 31 provincial level regions, 27 posted faster growth.

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