On June 26, 2013, the Baotou municipal Party committee held a group learning session with Yu Bin, director-general of the Department of Macroeconomic Research of the Development Research Center of the State Council, analyzing China's current economic situation and development trends, Baotou Daily reported.
Yu explained the reasons for China's rapid economic development over the past 10 years (2002-2011) and the factors leading to slower economic growth in the last two years. As infrastructure investment decreases, economic growth in China's eastern developed regions has slowed down. Risks in the local investment financing platform and real estate market have increased. Urbanization needs to be improved, export competitiveness has declined, and China's economic growth continues to decrease, said Yu.
Speaking of the current economic situation and development, Yu said China's export growth has slowed down at the moment. Consumption growth has fallen, manufacturing investment has declined, and high growth in infrastructure investment is difficult to maintain. In the second half of the year, the domestic and foreign environment faces challenges, and economic growth will still face downward pressure. Yu hopes that government departments at all levels will make sufficient preparations for the challenges.
In addition, Yu talked about major problems such as the stable development of the real estate market, dealing with overcapacity, handling debt risks, promoting stable growth of consumption and maintaining a balanced financial system.