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IMF: China amid soft landing
By Wang Yanlin |
July 25, 2012, Wednesday
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Online Edition
Online Edition
CHINA'S economy seems to be undergoing a soft landing, though global headwinds are increasing, the International Monetary Fund said today in a report.
Also, it softened its stance on the yuan's exchange value, saying it to be "moderately undervalued" against a basket of currencies.
The IMF said in its Staff Report for the 2012 Article IV Consultation that it expected China's growth to moderate to around 8 percent this year and inflation to drop to 3.5 percent.
"The economy has been slowing partly as a result of policy action to moderate growth to a more sustainable pace, but a worsening of the euro area crisis poses a key risk to the outlook," the IMF said.
It suggested that policies should continue to be geared toward achieving this year's growth targets. For the worsening external outlook, it said China has ample room to respond forcefully, using fiscal policy as the main line of defense and emphasizing on measures that support China's longer-term reform objectives.
China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, which was the slowest pace in three years that drew closer to the government's minimum growth target of 7.5 percent for this year.
In the first six months, China's economy grew 7.8 percent 鈥 lower than the IMF's forecast for 2012 which stood at 8 percent.
Also, it softened its stance on the yuan's exchange value, saying it to be "moderately undervalued" against a basket of currencies.
The IMF said in its Staff Report for the 2012 Article IV Consultation that it expected China's growth to moderate to around 8 percent this year and inflation to drop to 3.5 percent.
"The economy has been slowing partly as a result of policy action to moderate growth to a more sustainable pace, but a worsening of the euro area crisis poses a key risk to the outlook," the IMF said.
It suggested that policies should continue to be geared toward achieving this year's growth targets. For the worsening external outlook, it said China has ample room to respond forcefully, using fiscal policy as the main line of defense and emphasizing on measures that support China's longer-term reform objectives.
China's gross domestic product expanded 7.6 percent from a year earlier in the second quarter, which was the slowest pace in three years that drew closer to the government's minimum growth target of 7.5 percent for this year.
In the first six months, China's economy grew 7.8 percent 鈥 lower than the IMF's forecast for 2012 which stood at 8 percent.
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