China GDP set to grow over 7.5% this year
Print Edition
China’s economic growth is set to be above 7.5 percent this year, a senior Chinese central bank official said.
“I think for this year we’re going to have certainly above 7.5 percent growth rate, maybe 7.6 percent something like that,” Yi Gang, deputy governor of the People’s Bank of China, said at a seminar on the global economy hosted by the International Monetary Fund in George Washington University on Thursday.
People are worried about the slowdown of the Chinese economy, even a hard-landing situation, in the first half of this year, but economic data in the third quarter showed China’s economy had already picked up, he said.
Yi added that the problems of shadow banking and local government financial vehicles have been under control.
The Chinese economy is entering a medium-to-high rate growth, maybe at around 7 percent in the foreseeable future, still considered high by global standards, although it’s slower than double-digit growth in the past decade, Yi explained.
China needs a stable global economy, including a robust economic recovery in the developed economies and other emerging nations that the Chinese economy is closely linked to, an orderly tapering by the US Federal Reserve, as well as a free trade and investment environment, he said.
Yi also urged the United States to deal with the federal government shutdown and debt ceiling issues as soon as possible. “The market doesn’t like uncertainty. We watch this drama very closely.”
US Treasury Secretary Jacob Lew has told Congress that the federal government will reach its debt limit of US$16.7 trillion by next Thursday, and that failure to raise it would lead to a catastrophic default.
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