Recent data indicate that interventionist policies of previous months have restored economic growth rates to normal levels

Macroeconomic data released recently by the National Bureau of Statistics (NBS) indicate that the Chinese economy is on an upward trajectory despite the pace of growth slowing from that of the previous year.

China's gross domestic product (GDP) touched 17.284 trillion yuan in the first half of this year, increasing 11.1 percent from the same period last year.

The consumer price index (CPI) rose by 2.6 percent during the same period, the NBS statistics show.

Renminbi lending decreased by 2.72 trillion yuan, to 4.63 trillion yuan, from the previous year. The trade volume hit a new high in June, with exports touching levels seen before the global financial crisis.

There have been different interpretations regarding the latest data, with some saying it symbolizes China's slowing growth rate, which they expect will weaken further during the latter half of this year.

Then there are others who believe the data has done little to change China's growth tendency, and say the economy is still on a solid footing.

Be that as it may, the NBS statistics are the clearest indicator that the country's macroeconomic policies adopted during the previous months have begun to work and that national economic growth has been gradually restored to normal.

The slower pace of growth during the second quarter, at 10.3 percent, does not mean the country's economic landscape is witnessing enormous changes. The reason lies in the changed economic statistical base.

Due to the comparatively lower growth rate in the first quarter of 2009, the country's growth during the same period this year has appeared to be stronger.

And, since growth accelerated in the second quarter of 2009, this year's corresponding number will appear slower even if the same growth rate had been maintained.

Similarly, due to the comparatively faster rates of growth during the third and final quarters of 2009, the country's economy in the latter half of this year is also expected to run at a slower pace.

In the face of a sizzling 11.9 percent economic growth rate in the first quarter of this year, it is quite normal for the government to take necessary macroeconomic measures to cool the economy during the following months.

This can be proved by the slower speed of growth in the country's fixed assets investment during the first half of this year.

The NBS statistics have also sent a positive message to the outside world that the national economy has already pulled out of its past predicament caused by a fast-growing credit business in 2009.