Economic restructuring leading to quality growth in China - Economy & Society - Tibetol

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Economic restructuring leading to quality growth in China
By:Xinhua
update:August 16,2017
 
"We do not depend on coal any more. The bulk of our income, more than 74 percent, comes from logistics," said Man Shengang, board chairman of the group.
 
China's resource-rich provinces such as Shaanxi, Inner Mongolia and Shanxi have all shown better-than-expected economic data in H1, aided by a price rebound in energy products.
 
Inner Mongolia Yidong Coal Group in Ordos cut its production capacity by 5 million tons this year, but its profits have soared.
 
"The price for raw coal has nearly doubled," said Wang Xiaolong, the company CFO.
 
From January to June, companies in Inner Mongolia cut coal production by 6.6 million tons. Though regional GDP growth slowed from the first quarter and last year, it has entered a more quality growth period, regional officials said.
 
In H1, China's top coal producer Shanxi Province has moved out of a sluggish period caused by coal price dives, and recovered growth. Its H1 GDP growth was 6.9 percent.
 
"This is the first time since the beginning of 2014 that the Shanxi economy has entered a reasonable growth margin," said Zhang Xiaodong, spokesperson with Shanxi provincial statistics bureau.
 
Striving for long-term growth
 
Though the regional data shows key economic drivers are still strong enough, many warn of uncertainty.
 
"There are still many unstable and uncertain factors in the international market, and structural imbalances have not been completely redressed, so there are still many challenges to maintain a truly stable economy," said Wei Huaxiang, deputy secretary-general of the Shandong provincial government.
 
Zhang Ping, head of Guizhou statistics bureau, also said the regional government needs to find sustainable sources to drive its economic growth.
 
"We need to have a smooth transition from reliance on old industries to new ones that are innovation-based," he said.
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