Phoenix TV:
China's GDP growth in the third quarter fell to 6.5 percent, the lowest in the last nine-and-a-half years. We are concerned whether the growth rate will continue to fall? You just mentioned that the downward pressure is increasing. How much more pressure can be expected?
Mao Shengyong:
Judged by macro indicators such as the GDP growth rate, employment, commodity prices, incomes and the balance in international payments, the Chinese economy maintained stability while making steady progress in the first three quarters. However, we noticed some uncertainties concerning economic growth, such as that of the external environment. In the first three quarters, the momentum in world economic growth slowed down, as did expansion of world trade. Some new economies encountered many difficulties. Recently, we can see the international financial market has experienced obvious fluctuation. China has become the second largest economy in the world, which has become increasingly integrated with the world economy. At present, uncertainties of the world economy are increasing, and there are also uncertainties resulting from China-U.S. trade friction. As a result, the Chinese economy is facing downward pressure due to those uncertain factors.
However, there are many certain factors in China. The economy shows strong resilience and many positive fundamentals. We will continue to deepen reform and opening-up so as to continuously release dividends. All departments in all regions should strengthen their implementation of policies to ensure stable development of the job market, financial markets, foreign trade, foreign capital sector and the investment sector, so as to ensure overall expectations remain stable. The intended effect of such policies will be unleashed gradually. Therefore, although we are facing external uncertainties, we will maintain stable growth of the Chinese economy as the domestic certainties somewhat offset external uncertainties.
