27-08-2013, 11:20 AM
update on China economy...
China says economy stabilising after long slowdown
BEIJING — China’s economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government’s growth target of 7.5 per cent for the year, the statistics bureau said yesterday.
The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organised by the Foreign Mministry that may have been aimed at defusing unease about the country’s lengthy decline.
“We are confident that the economy is sustaining the positive momentum in the second half and confident of meeting the economic growth target,” said NBS spokesman Sheng Laiyun. “The economy is showing some positive changes. Signs of growth stabilisation are becoming more obvious,” he said.
A private factory survey last week reinforced signs of stabilising in the economy in the third quarter after the government took supportive measures, including scrapping taxes for small firms and accelerating investment in urban infrastructure and railways.
That followed a raft of July data which saw factory output growing at its fastest pace since the start of the year, and surprisingly strong trade data.
China’s annual economic growth slowed to 7.5 per cent in the second quarter, down from 7.7 per cent in the three months ending March — the ninth such deceleration in the past 10 quarters.
The slowdown was largely due to government efforts to reduce reliance on trade and investment that drove the past decade’s boom and nurture more self-sustaining growth based on domestic consumption.
http://www.todayonline.com/business/chin...g-slowdown
China says economy stabilising after long slowdown
BEIJING — China’s economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government’s growth target of 7.5 per cent for the year, the statistics bureau said yesterday.
The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organised by the Foreign Mministry that may have been aimed at defusing unease about the country’s lengthy decline.
“We are confident that the economy is sustaining the positive momentum in the second half and confident of meeting the economic growth target,” said NBS spokesman Sheng Laiyun. “The economy is showing some positive changes. Signs of growth stabilisation are becoming more obvious,” he said.
A private factory survey last week reinforced signs of stabilising in the economy in the third quarter after the government took supportive measures, including scrapping taxes for small firms and accelerating investment in urban infrastructure and railways.
That followed a raft of July data which saw factory output growing at its fastest pace since the start of the year, and surprisingly strong trade data.
China’s annual economic growth slowed to 7.5 per cent in the second quarter, down from 7.7 per cent in the three months ending March — the ninth such deceleration in the past 10 quarters.
The slowdown was largely due to government efforts to reduce reliance on trade and investment that drove the past decade’s boom and nurture more self-sustaining growth based on domestic consumption.
http://www.todayonline.com/business/chin...g-slowdown