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Fitch Ratings maintains 8% growth forecast for China's economy
By Hu Xiaocen |
May 14, 2012, Monday
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Online Edition
Online Edition
FITCH Ratings retained its previous projection of 8 percent growth for China's economy in 2012, and said the nation's slowdown has not severely impacted the labor market during a telephone conference today.
"The administration data on job vacancies indicated the labor market is not severely impacted by the economic slowdown," said Andrew Colquhoun, senior director for Fitch Ratings in Asia.
"But slowing residential property construction will drag down China's growth. We expect a moderate easing of credit," he added.
He said a hard landing in China's economy is not foreseeable as the current situation is part of a deliberate policy-driven slowdown.
Premier Wen Jiabao lowered China's growth target to 7.5 percent from 8 percent for this year at the National People's Congress meeting in March, which shows the government's determination to shift the growth mode towards domestic consumption and away from investment and exports.
A customs bureau report last week said export growth eased to 4.9 percent in April from a year ago, down from 8.9 percent in March. Another report by the National Bureau of Statistics said last week the country's industrial production grew at 9.3 percent in April, the slowest since 2009.
"The administration data on job vacancies indicated the labor market is not severely impacted by the economic slowdown," said Andrew Colquhoun, senior director for Fitch Ratings in Asia.
"But slowing residential property construction will drag down China's growth. We expect a moderate easing of credit," he added.
He said a hard landing in China's economy is not foreseeable as the current situation is part of a deliberate policy-driven slowdown.
Premier Wen Jiabao lowered China's growth target to 7.5 percent from 8 percent for this year at the National People's Congress meeting in March, which shows the government's determination to shift the growth mode towards domestic consumption and away from investment and exports.
A customs bureau report last week said export growth eased to 4.9 percent in April from a year ago, down from 8.9 percent in March. Another report by the National Bureau of Statistics said last week the country's industrial production grew at 9.3 percent in April, the slowest since 2009.
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