China's economy is fully capable of avoiding a "hard landing"

Obama administration officials expressed confidence in China's economic prospects on Tuesday, saying that China's economy is fully capable of avoiding a "hard landing" The United States is willing to work with the Chinese government to help China's economy achieve a "soft landing" Ralph Brainard, the Treasury's Deputy Secretary for international affairs, made the remarks at the center for American progress, a think tank in Washington Statistics released last week showed that China's economic growth rate was 7.6% in the second quarter of this year, the first time in three years that China's economy had "broken eight", which attracted different opinions Brainard stressed that in the face of the growing European debt crisis, the Chinese government has a pragmatic attitude on how to promote economic development, and the United States believes that "China is fully capable of avoiding a hard economic landing" She pointed out that the U.S has noticed remarkable achievements in China's transformation of economic growth mode in the past two years, including the improvement of workers' wages, the sharp reduction of China's current account surplus as a proportion of GDP by 6 percentage points, and the appreciation of RMB against the U.S dollar has risen to 11% after deducting inflation factors In addition, during the fourth round of the China US strategic and economic dialogue in May this year, the Chinese government promised to start implementing structural tax reductions, including tariff and consumption tax reductions, to further improve the purchasing power of Chinese consumers Brainard said that the Chinese government clearly sees that China's economic growth is unsustainable if it relies too much on exports, so China's economic growth goals have changed significantly At present, the Chinese government is committed to stimulating domestic demand and rebalancing the economy She said that since the Obama administration took office, China and the United States have conducted fruitful cooperation in promoting global economic recovery In the future, the United States is willing to continue to work closely with China to "help the Chinese economy achieve a soft landing" Referring to the RMB exchange rate, brenard said that the United States believes that the market-based exchange rate system is the "core tool" for China to boost domestic demand, stimulate growth and rebalance, and the United States affirms that significant progress has been made in China's RMB exchange rate reform in recent years But she said the U.S still believes that the yuan is "undervalued" and hopes that it will appreciate faster against the U.S dollar She said the U.