The ultimate litmus test of an economy"s policy space is whether its growth targets can be met. In the first half of this year, China"s GDP reached 69.6 trillion yuan, growing 4.7 percent year-on-year, a pace in line with the full-year growth target. Compared with the first half of last year, GDP increased by 3.6 trillion yuan - the largest increment for the period in the past five years, which speaks for itself as the most compelling proof of resilience.

　　In its July outlook, the IMF downgraded this year"s global growth forecast to 3 percent while raising China"s full-year growth forecast to 4.6 percent. This in itself shows that the international community"s assessment of China"s economic performance does not align with the pessimistic narrative in certain Western media. The consumer market continues to expand, new growth points such as services consumption and experiential consumption are being cultivated, household income is rising steadily, and the foundation of domestic demand is being consolidated.

　　Boosting domestic demand does not depend solely on large-scale fiscal spending. Structural reforms, including improving the business environment and revitalizing the private sector, all serve as drivers of demand. Fiscal spending is only one tool in the policy toolkit. Tying the recovery of domestic demand exclusively to massive stimulus reflects outdated thinking.

　　China maintains a well-stocked macro policy toolkit with ample room for counter-cyclical regulation. Together with the endogenous momentum unlocked through structural adjustment and reform, these elements form the overall resilience of the Chinese economy.

　　Global Times