China's overall economic health "remains in good shape" officials said this week despite fears of overheating caused by continued high growth in the first half of 2007. The nation's GDP grew 11.9 per cent in the second quarter, and 11.5 per cent in the full first half of 2007, according to state media.
However, the National Development and Reform Commission, said that greater efforts have been made to support balanced economic growth. China has taken a series of measures to rein in investment, slow down exports, increase imports and reduce liquidity, which has pushed up the prices of assets. As a result, Xinhua says, "positive signs have emerged that point to more balanced economic development."
The profit-making capacity of Chinese enterprises is also apparently on the rise. Major industrial enterprises earned a total of RMB900 billion in profits in the first five months of 2007, up 42.1 per cent year-on-year.
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