Data point to Chinese economy stabilizing
Print Edition
CHINA’S power usage, rail freight and property market have all improved since August, indicating that the economy is stabilizing, the country’s top economic planning agency said yesterday.
The effects of supportive policies, including interest rate cuts, property market stimulus and local government debt swaps, will feed into the economy over the next few months and help underpin growth, the National Development and Reform Commission said on its website.
“The power usage, rail freight, as well as real estate prices and turnover have all improved into August, indicating the economy is stabilizing amid fluctuations,” the NDRC said.
“The economy is expected to maintain steady growth and we are able to achieve the annual economic growth target,” it added.
A flurry of recent soft indicators — and a collapse in China’s stock markets — had heightened fears of a hard landing for the world’s second-biggest economy and sent global financial markets into a tailspin.
China’s economy, which grew 7 percent in the first half of this year from a year earlier and in line with the government’s target for the year, is headed for its slowest economic expansion in 25 years in 2015.
The NDRC cited data from the State Grid as saying that China’s total power consumption in August rose 2.47 percent on the year — the fastest growth so far this year and steady growth was likely to continue in September.
The average daily rail freight volume rose 1.6 percent in August from July, the NDRC said.
China’s exports are likely to grow in August from a 8.3 percent drop in July, the NDRC said without elaborating.
The customs is due to release August trade data today. Analysts polled by Reuters expected exports to drop 6 percent in August from a year earlier.
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