China to slow this year, rebound in 2013
Source: Agencies |
April 18, 2012, Wednesday
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Print Edition
Print Edition
CHINA'S economic growth will slow this year to 8.2 percent but rebound in 2013, led by domestic consumption, the International Monetary Fund said yesterday.
The forecast in the IMF's latest World Economic Outlook report adds to expectations that China will avoid an abrupt slowdown in its efforts to cool China's overheated economy.
Companies and investors are closely watching China because a sharp downturn in the world's second-largest economy could have global repercussions, hurting demand for industrial components, consumer goods and commodities such as oil and iron ore. Its economy grew 9.2 percent last year.
China has been hurt by weaker demand for its exports but will benefit from "resilient domestic demand," the IMF said, projecting growth of 8.8 percent in 2013.
"Even with the drag from external demand, growth is projected to be above 8 percent in 2012 and 2013 because consumption and investment are expected to remain robust," it said.
China imposed lending and investment curbs in 2010 and 2011 to cool growth that spiked to 10.4 percent in 2009 and to tame inflation. Growth fell to 8.1 percent in the first quarter of this year, its lowest in nearly three years.
A slump in global demand prompted China to reverse course in late 2011 and promise pro-growth policies, including more bank lending for exporters and other companies.
Inflation has fallen from a 37-month high of 6.5 percent in July. Inflation edged up in March to 3.6 percent from the previous month's 3.2 percent but that was below the government's 4 percent target.
The forecast in the IMF's latest World Economic Outlook report adds to expectations that China will avoid an abrupt slowdown in its efforts to cool China's overheated economy.
Companies and investors are closely watching China because a sharp downturn in the world's second-largest economy could have global repercussions, hurting demand for industrial components, consumer goods and commodities such as oil and iron ore. Its economy grew 9.2 percent last year.
China has been hurt by weaker demand for its exports but will benefit from "resilient domestic demand," the IMF said, projecting growth of 8.8 percent in 2013.
"Even with the drag from external demand, growth is projected to be above 8 percent in 2012 and 2013 because consumption and investment are expected to remain robust," it said.
China imposed lending and investment curbs in 2010 and 2011 to cool growth that spiked to 10.4 percent in 2009 and to tame inflation. Growth fell to 8.1 percent in the first quarter of this year, its lowest in nearly three years.
A slump in global demand prompted China to reverse course in late 2011 and promise pro-growth policies, including more bank lending for exporters and other companies.
Inflation has fallen from a 37-month high of 6.5 percent in July. Inflation edged up in March to 3.6 percent from the previous month's 3.2 percent but that was below the government's 4 percent target.
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