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Economic growth slows to 33-month low
By Wang Yanlin |
April 13, 2012, Friday
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Online Edition
Online Edition
CHINA'S economic growth slowed more than expected in the first quarter, the National Bureau of Statistics said this morning.
Gross domestic product expanded 8.1 percent from a year earlier to 10.79 trillion yuan (US$1.71 trillion), the slowest pace since the second quarter of 2009.
The growth eased from an 8.9 percent pace in the previous quarter and fell short of market expectations of about 8.5 percent.
But Sheng Laiyun, a bureau spokesman, said China's growth momentum remains stable, pointing to steady power consumption and steel production. Compared with other major economies, the growth pace in China was also notably quicker.
"China is confident of maintaining stable and relatively fast growth in the future," Sheng told a press conference in Beijing.
Other key economic data painted a mixed picture.
Industrial production rose 11.6 percent in the first quarter, up from 11.4 percent in the first two months of the year.
Retail sales increased 14.8 percent, little changed from the 14.7 percent pace in the first two months.
But fixed-asset investment slowed to 20.9 percent, compared with 21.5 percent in the January-February period.
The data may convince policymakers to expand economic stimulus programs. But higher-than-expected inflation of 3.6 percent in March put authorities in a bit of bind on which economic levers to pull.
Despite slower growth, Sheng said business confidence is improving, laying the foundation for future growth in the world's second-largest economy.
The bureau's Business Confidence Index rebounded 2.1 points to 123 in the first quarter. A reading above 100 signals optimism.
The companion Business Climate Index, which measures sentiment about conditions in the marketplace, edged down half a point to 127.3, stabilizing after previous very sharp drops.
Gross domestic product expanded 8.1 percent from a year earlier to 10.79 trillion yuan (US$1.71 trillion), the slowest pace since the second quarter of 2009.
The growth eased from an 8.9 percent pace in the previous quarter and fell short of market expectations of about 8.5 percent.
But Sheng Laiyun, a bureau spokesman, said China's growth momentum remains stable, pointing to steady power consumption and steel production. Compared with other major economies, the growth pace in China was also notably quicker.
"China is confident of maintaining stable and relatively fast growth in the future," Sheng told a press conference in Beijing.
Other key economic data painted a mixed picture.
Industrial production rose 11.6 percent in the first quarter, up from 11.4 percent in the first two months of the year.
Retail sales increased 14.8 percent, little changed from the 14.7 percent pace in the first two months.
But fixed-asset investment slowed to 20.9 percent, compared with 21.5 percent in the January-February period.
The data may convince policymakers to expand economic stimulus programs. But higher-than-expected inflation of 3.6 percent in March put authorities in a bit of bind on which economic levers to pull.
Despite slower growth, Sheng said business confidence is improving, laying the foundation for future growth in the world's second-largest economy.
The bureau's Business Confidence Index rebounded 2.1 points to 123 in the first quarter. A reading above 100 signals optimism.
The companion Business Climate Index, which measures sentiment about conditions in the marketplace, edged down half a point to 127.3, stabilizing after previous very sharp drops.
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