China economy able to grow 7.5% in 2013
Print Edition
China will be able to meet the economic growth target of 7.5 percent this year as the economy is stabilizing, helped by supportive policies at home and rising demand abroad, an official with the National Bureau of Statistics said yesterday.
“We are confident that China is sustaining the positive growth momentum in the second half, and we can manage to achieve the growth target,” Sheng Laiyun, a spokesman for the bureau, said during a media briefing.
“The economy is showing some positive changes, and signs of growth stabilization are becoming more obvious,” Sheng said.
Measures, including tax cut for small companies, more investment in infrastructure construction and greater easing of administrative rules for exporters, have been adopted to balance short-term growth and medium-term risk.
In the past two months, there were signs of stronger performance as shown by data covering trade, industrial production, fixed-asset investment and retail sales in July.
China’s inbound foreign direct investment rose at the quickest pace in 28 months in July, a sign of renewed confidence among investors, the Ministry of Commerce said last week.
The HSBC flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of operating conditions of the manufacturing sector, hit a four-month high of 50.1 in August as it stabilized from modest improvements in new business and output.
Qu Hongbin, chief economist for China at HSBC, said the government’s fine-tuning measures will further filter through, which may boost China’s growth in the coming months.
The Asian Development Bank last month lowered its forecast for China’s economic growth this year to 7.7 percent from 8.2 percent in April. But it was still above the government target of 7.5 percent, and the bank said continuing robust consumer confidence may fuel the growth momentum in the world’s second-largest economy.
China’s economy grew 7.5 percent in the second quarter, easing from 7.7 percent in the first three months.
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