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Those conflicting signals on Monday showed ongoing strength in industrial production more than offset by tepid consumption as the property slump continues, leading to the slowest quarterly growth pace in five quarters. But through the fog a silver lining is becoming clear: Xi Jinping’s long quest for technology-driven “high-quality growth” is actually starting to pay off.
While Japan and America both suffered deep economic setbacks when their housing markets hit the skids, China’s tech advances and resulting export boom have helped to keep economic growth within reach of its targeted pace of around 5%.
当年美国日本房地产危机都经济垮了,中国还没有垮,主要是中国一直想发展的高科技业支撑着
Xi Jinping’s long quest for technology-driven “high-quality growth” is actually starting to pay off.
China exported 25.3 billion integrated circuits worth $12 billion. With a total export value of $62 billion since January, China's semiconductor exports have grown 21.2% year-over-year.