Sheng Laiyun: Incremental introduction of policies needs to be immediately undertaken to consolidate the economy's overall outlook
The following is a summary of Sheng Laiyun's remarks at the 51st Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, and broadcasted online on July 7, 2026. Sheng is former Deputy Director of the National Bureau of Statistics of China (NBSC).
On July 7, 2026, the 51st Tsinghua University Forum of China and the World Economy, hosted by Tsinghua University's Academic Center for Chinese Economic Practice and Thinking (ACCEPT) in partnership with the university's School of Social Sciences, was broadcasted online under the theme of China's 2026 Mid-Year Economic Update. Former Deputy Director of the National Bureau of Statistics of China (NBSC), Sheng Laiyun, delivered remarks and participated in roundtable discussions at the forum alongside other distinguished guests where he commented on the state of the Chinese economy.
During the roundtable discussion segment of the forum, Sheng Laiyun presented three views on the current economic situation. First, some of the recent oscillations in certain economic indicators are a reflection of distinct structural factors. Second, the current descent in consumption is mainly concentrated in discretionary spending. Third, the overall economic climate remains stable. Indicators such as manufacturing, services, employment, prices and net exports all show support for the economy, with growth in the first half of the year likely to remain within the annual target range. Sheng pointed out that more attention should now be paid to the “temperature difference” between statistical data and residents’ own sentiment. This temperature difference mainly stems from the ongoing fall in prices, a surplus in production capacity and distribution channels for allocating resources. Hence, while enterprises and residents are reacting to nominal income levels, insufficient demand and inventory overload, the statistical indicators are showing real growth and increased production. Taking averages in statistical measurements can also easily mask divergences in industry and income breakdowns. New energy vehicles have performed well, but traditional industries as well as small and medium-sized enterprises are still encountering significant pressures.
