A key gauge of <a href="https://www.wionews.com/world/chinese-people-have-freedom-of-religion-us-should-stop-using-issue-of-religion-to-interfere-china-236881">China</a>'s debt has topped 300 per cent&nbsp;of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks.

China's total corporate, household and government debt rose to 303 per cent&nbsp;of GDP in the first quarter of 2019, from 297 per cent&nbsp;in the same period a year earlier, the IIF said in a report this week which highlighted rising debt levels worldwide.

The IIF is a private global financial industry association, based in Washington.

"While authorities' efforts to curb shadow bank lending (particularly to smaller companies) have prompted a cutback in non-financial corporate debt, net borrowing in other sectors has brought China's total debt to over $40 trillion - some 15 per cent&nbsp;of all global debt," the report said.

"Of note, onshore bond issuance suggests a big pickup in borrowing by local governments and banks this year."

China's economic growth slowed to 6.2 per cent&nbsp;in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting <a href="https://www.wionews.com/world/pompeo-calls-chinas-treatment-of-uighurs-stain-of-the-century-237014">US&nbsp;trade pressure</a>.

Watch:&nbsp;China's economic growth slowest in 27 years

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/china-economic-growth-slowest-in-27-years-236265/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

To revive investment and protect jobs, Beijing has been encouraging banks to lend more, particularly to struggling smaller firms. It has also unveiled billions of dollars in tax cuts and infrastructure spending.

In the first half of this year, local governments' total net bond issuance reached 2.1765 trillion yuan ($316.5 billion), the finance ministry said on Tuesday.

Chinese officials have said repeatedly said debt risks are manageable overall.

A key gauge of China's debt has topped 300 per cent of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks.

A key gauge of China's debt has topped 300 per cent of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks. China's total corporate, household and government debt rose to 303 per cent of GDP in the first quarter of 2019, from 297 per cent in the same period a year earlier, the IIF said in a report this week which highlighted rising debt levels worldwide. The IIF is a private global financial industry association, based in Washington. "While authorities' efforts to curb shadow bank lending (particularly to smaller companies) have prompted a cutback in non-financial corporate debt, net borrowing in other sectors has brought China's total debt to over $40 trillion - some 15 per cent of all global debt," the report said. "Of note, onshore bond issuance suggests a big pickup in borrowing by local governments and banks this year." China's economic growth slowed to 6.2 per cent in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure. Watch: China's economic growth slowest in 27 years To revive investment and protect jobs, Beijing has been encouraging banks to lend more, particularly to struggling smaller firms. It has also unveiled billions of dollars in tax cuts and infrastructure spending. In the first half of this year, local governments' total net bond issuance reached 2.1765 trillion yuan ($316.5 billion), the finance ministry said on Tuesday. Chinese officials have said repeatedly said debt risks are manageable overall.

China's debt tops 300% of GDP, now 15% of global total: Institute of International Finance

China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure.

While more upbeat June factory output and retail sales offered signs of improvement, some analysts cautioned the gains may not be sustainable and expect Beijing will continue to roll out more support measures in coming months.

China's trading partners and financial markets are closely watching the health of the world's second-largest economy as the <a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">Sino-US trade war</a> gets longer and costlier, fuelling worries of a global recession.

Monday's growth data marked a loss of momentum for the economy from the first quarter's 6.4%, amid expectations that Beijing needs to do more to boost consumption and investment and restore business confidence.

The April-June pace was in line with analysts' expectations for the slowest since the first quarter of 1992, the earliest quarterly data on record.

"China's growth could slow to 6% to 6.1% in the second half," said Nie Wen, an economist at Hwabao Trust. That would test the lower end of Beijing's 2019 target range of 6-6.5%.

Cutting banks' reserve requirement ratios (RRR) "is still very likely as the authorities want to support the real economy in a long run," he said, predicting the economy would continue to slow before stabilising around mid-2020.

China has already slashed RRR six times since early 2018 to free up more funds for lending and analysts polled by Reuters forecast two more cuts this quarter and next.

Beijing has leaned largely on fiscal stimulus to underpin growth this year, announcing massive tax cuts worth nearly 2 trillion yuan ($291 billion) and a quota of 2.15 trillion yuan for special bond issuance by local governments aimed at boosting infrastructure construction.

The economy has been slow to respond, however, and business sentiment remains cautious.

Trade pressures have intensified since Washington sharply hiked tariffs on Chinese goods in May. While the two sides have since agreed to resume trade talks and hold off on further punitive action, they remain at odds over significant issues needed for an agreement.

Data on Friday showed China's exports fell in June and its imports shrank more than expected, while an official survey showed factories were shedding jobs at the fastest pace since the global crisis..

Premier Li Keqiang said this month that China will make timely use of cuts in banks' reserve ratios and other financing tools to support smaller firms, while repeating a vow not to use "flood-like" stimulus.

Is better data sustainable?

A steady string of weak economic data in recent months and the sudden escalation in the U.S.-China trade war had sparked questions over whether more forceful easing may be needed to get the Chinese economy back on steadier footing, including some form of interest rate cuts.

But June activity data on Monday showed industrial production, retail sales and fixed-asset investment all beat analysts' forecasts, suggesting that Beijing's earlier growth-boosting efforts may be starting to have an effect.

Analysts also say room for more aggressive monetary policy easing is being limited by fears of adding to high debt levels and structural risks.

"Cutting the benchmark deposit and lending rates -- the likelihood is very low. It's more possible (that) they twist the market-oriented rates -- cutting the interest rates of all those liquidity facilities also sends an important signal to the market," said Aidan Yao, senior Asia emerging markets economist at AXA Investment Managers in Hong Kong.

"Fiscal policy is likely to be in the driving seat and monetary policy will act in a supportive role in the coming months."

Industrial output climbed 6.3% from a year earlier, data from the National Bureau of Statistics showed, picking up from May's 17-year low and handily beating a forecast for 5.2% growth.

Daily output for crude steel and aluminium both rose to record levels.

Retail sales jumped 9.8% - the fastest clip since March 2018 - and confounding expectations for a slight pullback to 8.3%. Gains were led by a 17.2% surge in car sales.

Some analysts, however, questioned the apparent recovery in both output and sales.

Capital Economics said its in-house model suggested slower industrial growth, while the jump in car sales may have been partly due to a one-off factor.

Car dealers in China are offering big discounts to customers to reduce high inventories that have built up due to changing emission standards. Motor vehicle production actually fell 15.2%, the 11th monthly decline in a row, suggesting automakers don't expect a sustained bounce in demand any time soon.

"The monthly data were better than expected... (But) we are sceptical of this apparent recovery given broader evidence of weakness in factory activity," said Julian Evans-Pritchard, Senior China Economist at

"Looking ahead, we doubt that the data for June will mark the start of a turnaround."

Investment also slowly picking up

Fixed-asset investment for the first half of the year rose 5.8% from a year earlier, compared with a 5.5% forecast and 5.6% in the first five months of the year.

Real estate investment, a major growth driver for the world's second-largest economy, quickened in June. It rose 10.1% from a year earlier, accelerating from a 9.5% gain in May but still slower than in April, Reuters calculated.

Still, the economy remains in a complex situation, with external uncertainties on the rise, the statistics bureau said, adding China will work to ensure steady growth.

China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure.

China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure. While more upbeat June factory output and retail sales offered signs of improvement, some analysts cautioned the gains may not be sustainable and expect Beijing will continue to roll out more support measures in coming months. China's trading partners and financial markets are closely watching the health of the world's second-largest economy as the Sino-US trade war gets longer and costlier, fuelling worries of a global recession. Monday's growth data marked a loss of momentum for the economy from the first quarter's 6.4%, amid expectations that Beijing needs to do more to boost consumption and investment and restore business confidence. The April-June pace was in line with analysts' expectations for the slowest since the first quarter of 1992, the earliest quarterly data on record. "China's growth could slow to 6% to 6.1% in the second half," said Nie Wen, an economist at Hwabao Trust. That would test the lower end of Beijing's 2019 target range of 6-6.5%. Cutting banks' reserve requirement ratios (RRR) "is still very likely as the authorities want to support the real economy in a long run," he said, predicting the economy would continue to slow before stabilising around mid-2020. China has already slashed RRR six times since early 2018 to free up more funds for lending and analysts polled by Reuters forecast two more cuts this quarter and next. Beijing has leaned largely on fiscal stimulus to underpin growth this year, announcing massive tax cuts worth nearly 2 trillion yuan ($291 billion) and a quota of 2.15 trillion yuan for special bond issuance by local governments aimed at boosting infrastructure construction. The economy has been slow to respond, however, and business sentiment remains cautious. Trade pressures have intensified since Washington sharply hiked tariffs on Chinese goods in May. While the two sides have since agreed to resume trade talks and hold off on further punitive action, they remain at odds over significant issues needed for an agreement. Data on Friday showed China's exports fell in June and its imports shrank more than expected, while an official survey showed factories were shedding jobs at the fastest pace since the global crisis.. Premier Li Keqiang said this month that China will make timely use of cuts in banks' reserve ratios and other financing tools to support smaller firms, while repeating a vow not to use "flood-like" stimulus. Is better data sustainable? A steady string of weak economic data in recent months and the sudden escalation in the U.S.-China trade war had sparked questions over whether more forceful easing may be needed to get the Chinese economy back on steadier footing, including some form of interest rate cuts. But June activity data on Monday showed industrial production, retail sales and fixed-asset investment all beat analysts' forecasts, suggesting that Beijing's earlier growth-boosting efforts may be starting to have an effect. Analysts also say room for more aggressive monetary policy easing is being limited by fears of adding to high debt levels and structural risks. "Cutting the benchmark deposit and lending rates -- the likelihood is very low. It's more possible (that) they twist the market-oriented rates -- cutting the interest rates of all those liquidity facilities also sends an important signal to the market," said Aidan Yao, senior Asia emerging markets economist at AXA Investment Managers in Hong Kong. "Fiscal policy is likely to be in the driving seat and monetary policy will act in a supportive role in the coming months." Industrial output climbed 6.3% from a year earlier, data from the National Bureau of Statistics showed, picking up from May's 17-year low and handily beating a forecast for 5.2% growth. Daily output for crude steel and aluminium both rose to record levels. Retail sales jumped 9.8% - the fastest clip since March 2018 - and confounding expectations for a slight pullback to 8.3%. Gains were led by a 17.2% surge in car sales. Some analysts, however, questioned the apparent recovery in both output and sales. Capital Economics said its in-house model suggested slower industrial growth, while the jump in car sales may have been partly due to a one-off factor. Car dealers in China are offering big discounts to customers to reduce high inventories that have built up due to changing emission standards. Motor vehicle production actually fell 15.2%, the 11th monthly decline in a row, suggesting automakers don't expect a sustained bounce in demand any time soon. "The monthly data were better than expected... (But) we are sceptical of this apparent recovery given broader evidence of weakness in factory activity," said Julian Evans-Pritchard, Senior China Economist at "Looking ahead, we doubt that the data for June will mark the start of a turnaround." Investment also slowly picking up Fixed-asset investment for the first half of the year rose 5.8% from a year earlier, compared with a 5.5% forecast and 5.6% in the first five months of the year. Real estate investment, a major growth driver for the world's second-largest economy, quickened in June. It rose 10.1% from a year earlier, accelerating from a 9.5% gain in May but still slower than in April, Reuters calculated. Still, the economy remains in a complex situation, with external uncertainties on the rise, the statistics bureau said, adding China will work to ensure steady growth.

China second-quarter GDP growth slows to 27-year low, more stimulus expected

China recorded 6.5 per cent growth <a href="http://www.wionews.com/world/china-other-countries-wont-swallow-americas-poisonous-trade-pills-chinese-media-171757">in the July-to-September period year-on-year</a>, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter.

China had grown at 6.7 per cent in the second quarter. The growth figures slipped as factory output growth weakened to 5.8 per cent.

Although infrastructure investment rose 3.3 per cent year-on-year for January to September period,&nbsp;however,&nbsp;it was still down 4.2 per cent in the first eight months of the year. Retail sales bounced back growing 9.2 per cent in September compared to a year earlier.

US has been involved in an escalating trade war with China imposing heavy tariffs on Chinese goods entering US shores, acknowing the " extremely complex economic environment", a government spokesman said China's growth remained "generally steady".

"Faced with an extremely complex environment abroad and the daunting task of reform and development at home China's economic growth remained generally steady," NBS spokesman Mao Shengyong said.

President Trump had targetted tariffs on cars, machinery, electronics, consumer appliances and others entering the US leading to several firms halting investments in China.

The NBS spokesman, however, asserted that China will&nbsp;be able to maintain steady growth next year while revealing the lastest growth figures.&nbsp;

"Infrastructure investment growth is expected to stabilise while the trend of consumption upgrade' continues," NBS asserted, adding,"external environment will create uncertainties for China's efforts to stabilise growth."

The Shanghai stock exchange was mixed after China revealed its grown figures. After falling in morning trade, stocks recovered. 
&nbsp;

China recorded 6.5 per cent growth in the July-to-September period year-on-year, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter.

China recorded 6.5 per cent growth in the July-to-September period year-on-year, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter. China had grown at 6.7 per cent in the second quarter. The growth figures slipped as factory output growth weakened to 5.8 per cent. Although infrastructure investment rose 3.3 per cent year-on-year for January to September period, however, it was still down 4.2 per cent in the first eight months of the year. Retail sales bounced back growing 9.2 per cent in September compared to a year earlier. US has been involved in an escalating trade war with China imposing heavy tariffs on Chinese goods entering US shores, acknowing the " extremely complex economic environment", a government spokesman said China's growth remained "generally steady". "Faced with an extremely complex environment abroad and the daunting task of reform and development at home China's economic growth remained generally steady," NBS spokesman Mao Shengyong said. President Trump had targetted tariffs on cars, machinery, electronics, consumer appliances and others entering the US leading to several firms halting investments in China. The NBS spokesman, however, asserted that China will be able to maintain steady growth next year while revealing the lastest growth figures. "Infrastructure investment growth is expected to stabilise while the trend of consumption upgrade' continues," NBS asserted, adding,"external environment will create uncertainties for China's efforts to stabilise growth." The Shanghai stock exchange was mixed after China revealed its grown figures. After falling in morning trade, stocks recovered.

China's GDP growth slows in third quarter amid trade spat with US

In 2017, we saw the consolidation of China&rsquo;s power and influence globally, and of Communist Party leader Xi Jinping&rsquo;s power nationally. This year, the party will try to use this to tackle some of its biggest economic hurdles such as financial risk, environmental pollution and maintaining social cohesion.

A first and overriding priority will be managing and preventing major financial risks within the Chinese economy. China will continue to clean up and tighten controls over its financial sector.

Beijing has already banned risk-laden Bitcoin from its financial system, and the government says it will maintain a &ldquo;proactive fiscal policy and prudent monetary policy&rdquo; for 2018.

This is in line with moves earlier in 2017 to curb credit growth and consolidate the country&rsquo;s 100 trillion yuan (US$15 trillion) financial services asset-management industry under a single regulatory umbrella.

Regulators have also issued a 36-point code of conduct for the country&rsquo;s private enterprises to follow when investing overseas. This is part of a move to clip the wings of China&rsquo;s most aggressive global deal makers, firms like HNA Group and Fosun International. These businesses responded enthusiastically to the government&rsquo;s &ldquo;going out&rdquo; policy to link China to the rest of the global economy, launched at the beginning of the century.

On the one hand, China has banned investments in gambling and &ldquo;sensitive&rdquo; industries and restricted investments in property, hotel, film and sports. But projects linked to China&rsquo;s ambitious Belt and Road initiative are actively encouraged. So 2018 should see a continuation of China&rsquo;s expanding economic influence globally through infrastructure and other major projects.

<figure class="align-center zoomable"><a href="https://images.theconversation.com/files/201458/original/file-20180110-48505-14mg7t0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img alt="" src="https://images.theconversation.com/files/201458/original/file-20180110-48505-14mg7t0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" /></a>

<figcaption>
Beijing&rsquo;s agenda is clear and the message from the centre is tightly controlled. How Hwee Young/AAP

&nbsp;
</figcaption>
</figure>

Tackling pollution, of all kinds

In line with the party&rsquo;s focus on stability and risk minimisation is a clear determination to move away from high-speed growth to high-quality growth. &ldquo;Quality&rdquo; here means an economy that is cleaner and more user friendly.

The government is trying to reduce pollution. Measures to close down polluting factories and make local officials more accountable for environmental damage are starting to make a difference.

A major component of the shift to a cleaner economy is China&rsquo;s determination to free itself from any reliance upon carbon imports. This has potentially major implications for the Australian economy, which has done so well over the past few decades largely because of its commodity exports to China.

China is also no longer willing to accept imports of Australian waste, leaving Australia with the question of how else to deal with its accumulating stockpiles.

Social stability for economic and political stability

In an unusual move during last year&rsquo;s annual end-of-year economic convention, the government detailed concerns from the wider public on issues such as online scams, sex discrimination in the workplace and a lack of kindergarten services in certain regions. This reflects the party&rsquo;s concern with social cohesion.

Maintaining a harmonious society has long been a concern of China&rsquo;s leaders. In 2018, the anti-poverty campaign - one of Xi Jinping&rsquo;s pet projects - will accelerate, with millions of rural poor being relocated to new housing with water and power. This will not only boost GDP and economic growth figures, it&rsquo;s also aimed at promoting support for the party and its leaders.

Chinese leadership&rsquo;s emphasis on social harmony extends to supporting the party in its policy endeavours. A series of recent measures have been aimed at strengthening party organisations in business and civil society organisations.

In line with existing provisions in China&rsquo;s Company Law, these measures seek to ensure that all organisations in China (local and foreign, commercial and non-profit) make room within the organisation for the operations of a Communist Party cell. This allows the party to monitor and influence the operations of any organisation.

The rolling out of a social credit system is also aimed at monitoring and influencing the behaviour of both organisations and individuals. It operates by awarding social credit points for good social behaviour, whether it be corporate philanthropy or an individual picking up rubbish on the kerbside. It also deducts points for bad behaviour, such as traffic law violations, failing to pay bills on time or domestic violence. There are even &ldquo;blacklists&rdquo; for the worst offenders.

Beijing&rsquo;s agenda is clear and the message from the centre is tightly controlled. But the messiness and the unknowns will lie in its local implementation.

China has always struggled, and always will struggle, with the question of how to balance direction from a central government with local implementation for local circumstances.

For example, a recent decree requiring all local areas to move away from coal fired heating, towards natural gas, hit a snag when thousands of houses and schools were left without heating in freezing conditions in northern China. It forced authorities to back-track on implementing the policy.

The key for the government will be to strike a balance between reform and preserving stability. Aggressive reforms will be duly countered by other policies if they are seen as posing risks to economic stability.

If successful, China&rsquo;s reforms will allow its economy to take the lead in adapting to a dynamic world. But the sheer size of its ambitions (both global and local) also contains the risk that failures, if they occur, could have devastating impacts.

&nbsp;

&nbsp;

This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/what-we-can-expect-from-chinas-economy-in-2018-89911" rel="nofollow" target="blank">original article</a>.

&nbsp;

In China, aggressive reforms will be duly countered by other policies if they are seen as posing risks to economic stability.

In 2017, we saw the consolidation of China’s power and influence globally, and of Communist Party leader Xi Jinping’s power nationally. This year, the party will try to use this to tackle some of its biggest economic hurdles such as financial risk, environmental pollution and maintaining social cohesion. A first and overriding priority will be managing and preventing major financial risks within the Chinese economy. China will continue to clean up and tighten controls over its financial sector. Beijing has already banned risk-laden Bitcoin from its financial system, and the government says it will maintain a “proactive fiscal policy and prudent monetary policy” for 2018. This is in line with moves earlier in 2017 to curb credit growth and consolidate the country’s 100 trillion yuan (US$15 trillion) financial services asset-management industry under a single regulatory umbrella. Regulators have also issued a 36-point code of conduct for the country’s private enterprises to follow when investing overseas. This is part of a move to clip the wings of China’s most aggressive global deal makers, firms like HNA Group and Fosun International. These businesses responded enthusiastically to the government’s “going out” policy to link China to the rest of the global economy, launched at the beginning of the century. On the one hand, China has banned investments in gambling and “sensitive” industries and restricted investments in property, hotel, film and sports. But projects linked to China’s ambitious Belt and Road initiative are actively encouraged. So 2018 should see a continuation of China’s expanding economic influence globally through infrastructure and other major projects. Beijing’s agenda is clear and the message from the centre is tightly controlled. How Hwee Young/AAP Tackling pollution, of all kinds In line with the party’s focus on stability and risk minimisation is a clear determination to move away from high-speed growth to high-quality growth. “Quality” here means an economy that is cleaner and more user friendly. The government is trying to reduce pollution. Measures to close down polluting factories and make local officials more accountable for environmental damage are starting to make a difference. A major component of the shift to a cleaner economy is China’s determination to free itself from any reliance upon carbon imports. This has potentially major implications for the Australian economy, which has done so well over the past few decades largely because of its commodity exports to China. China is also no longer willing to accept imports of Australian waste, leaving Australia with the question of how else to deal with its accumulating stockpiles. Social stability for economic and political stability In an unusual move during last year’s annual end-of-year economic convention, the government detailed concerns from the wider public on issues such as online scams, sex discrimination in the workplace and a lack of kindergarten services in certain regions. This reflects the party’s concern with social cohesion. Maintaining a harmonious society has long been a concern of China’s leaders. In 2018, the anti-poverty campaign - one of Xi Jinping’s pet projects - will accelerate, with millions of rural poor being relocated to new housing with water and power. This will not only boost GDP and economic growth figures, it’s also aimed at promoting support for the party and its leaders. Chinese leadership’s emphasis on social harmony extends to supporting the party in its policy endeavours. A series of recent measures have been aimed at strengthening party organisations in business and civil society organisations. In line with existing provisions in China’s Company Law, these measures seek to ensure that all organisations in China (local and foreign, commercial and non-profit) make room within the organisation for the operations of a Communist Party cell. This allows the party to monitor and influence the operations of any organisation. The rolling out of a social credit system is also aimed at monitoring and influencing the behaviour of both organisations and individuals. It operates by awarding social credit points for good social behaviour, whether it be corporate philanthropy or an individual picking up rubbish on the kerbside. It also deducts points for bad behaviour, such as traffic law violations, failing to pay bills on time or domestic violence. There are even “blacklists” for the worst offenders. Beijing’s agenda is clear and the message from the centre is tightly controlled. But the messiness and the unknowns will lie in its local implementation. China has always struggled, and always will struggle, with the question of how to balance direction from a central government with local implementation for local circumstances. For example, a recent decree requiring all local areas to move away from coal fired heating, towards natural gas, hit a snag when thousands of houses and schools were left without heating in freezing conditions in northern China. It forced authorities to back-track on implementing the policy. The key for the government will be to strike a balance between reform and preserving stability. Aggressive reforms will be duly countered by other policies if they are seen as posing risks to economic stability. If successful, China’s reforms will allow its economy to take the lead in adapting to a dynamic world. But the sheer size of its ambitions (both global and local) also contains the risk that failures, if they occur, could have devastating impacts. This article was originally published on The Conversation. Read the original article.

Opinion: China needs to balance aggressive reforms with economic stability

Ahead of <a href="http://www.wionews.com/world/brics-summit-day-2-pm-modi-president-xi-set-to-meet-today-19868">President Xi&#39;s re-election on October&nbsp;18th</a> by the Communist Party of China, India is being seen more as a &quot;frenemy&quot;, especially post-Doklam.

In a move which can be seen as a shift in <a href="http://www.wionews.com/world/china-first-quarter-gdp-grows-69-per-cent-better-than-expected-14590">relations with India, China&#39;s right-leaning Global Times </a>in its op-ed piece said economic competition between China and India should not be just limited to the comparison of GDP growth rates.

&quot;China has done much<a href="http://www.wionews.com/india-news/born-of-chaos-india-lumbers-amid-turmoil-says-china-daily-21017"> better than India in terms of poverty reduction</a> and raising living standards,&quot; the editorial said, &quot;thanks in large part to its effective and efficient policy implementation under the central government.&quot;

However, the editorial admitted that &quot;lifting the remaining poor out of poverty in China will be much more difficult&quot; compared with the past. &nbsp;&nbsp;

&quot;China&#39;s Gini coefficient, a measure of income distribution, rose from 33 in 1990 to 53 in 2013, while the Gini coefficient in India jumped from 45 in 1990 to 51 in 2013, according to another IMF report released in March 2016,&quot; the daily observed.

The Chinese daily said in India, cultural and political diversity &quot;increase difficulties for unified policy implementation&quot;, hindering the progress of anti-poverty efforts - a fact which many India experts would agree.

&quot;During the past three decades, China lifted 800 million people out of poverty, &nbsp;as for India, it obviously faces more difficulties in poverty reduction, with 30 per cent of its population living below the globally accepted poverty line of $1.90 a day,&quot; the daily said.&nbsp;

&quot;Given the consensus that high levels of inequality can do harm to the sustainability of growth, both countries have made great efforts to alleviate poverty in recent years,&quot; the daily said.&nbsp;

However, the China daily added that &quot;the key is which of them(China or India) can do more to reduce inequality and poverty&quot;.

&quot;The outcome will also identify the ones that have more genuine potential for economic growth,&quot; the op-ed piece concluded.

The editorial admitted that 'lifting the remaining poor out of poverty in China will be much more difficult' compared with the past ??

Ahead of President Xi's re-election on October 18th by the Communist Party of China, India is being seen more as a "frenemy", especially post-Doklam. In a move which can be seen as a shift in relations with India, China's right-leaning Global Times in its op-ed piece said economic competition between China and India should not be just limited to the comparison of GDP growth rates. "China has done much better than India in terms of poverty reduction and raising living standards," the editorial said, "thanks in large part to its effective and efficient policy implementation under the central government." However, the editorial admitted that "lifting the remaining poor out of poverty in China will be much more difficult" compared with the past. "China's Gini coefficient, a measure of income distribution, rose from 33 in 1990 to 53 in 2013, while the Gini coefficient in India jumped from 45 in 1990 to 51 in 2013, according to another IMF report released in March 2016," the daily observed. The Chinese daily said in India, cultural and political diversity "increase difficulties for unified policy implementation", hindering the progress of anti-poverty efforts - a fact which many India experts would agree. "During the past three decades, China lifted 800 million people out of poverty, as for India, it obviously faces more difficulties in poverty reduction, with 30 per cent of its population living below the globally accepted poverty line of $1.90 a day," the daily said. "Given the consensus that high levels of inequality can do harm to the sustainability of growth, both countries have made great efforts to alleviate poverty in recent years," the daily said. However, the China daily added that "the key is which of them(China or India) can do more to reduce inequality and poverty". "The outcome will also identify the ones that have more genuine potential for economic growth," the op-ed piece concluded.

India has lessons to learn from China's poverty reduction campaign: China daily

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China's debt tops 300% of GDP, now 15% of global total: Institute of International Finance

China second-quarter GDP growth slows to 27-year low, more stimulus expected

China's GDP growth slows in third quarter amid trade spat with US

Opinion: China needs to balance aggressive reforms with economic stability

India has lessons to learn from China's poverty reduction campaign: China daily