IMF official sees China avoiding hard landing
By Wang Yanlin |
March 20, 2012, Tuesday
|
Print Edition
Print Edition
CHINA will avoid an economic hard landing, Zhu Min, deputy managing director of the International Monetary Fund said yesterday, contradicting the judgment of a JPMorgan Chase & Co economist last week.
Zhu also said that the global economy may show an improvement this year although the eurozone debt crisis remained a problem.
"China is heading toward a soft landing," Zhu said at a conference in Hong Kong. "The pace of China's investment remains strong even after it slowed in recent months. But long-term inflationary pressure is still a concern."
China's gross domestic product growth eased to 8.9 percent in the final quarter of last year, the slowest in two and a half years. The official data also showed China's industrial output, fixed-asset investment and retail sales all weakened in the first two months, and property prices continued to fall in most of the nation's biggest cities.
Adrian Mowat, chief Asian and emerging-market strategist at JPMorgan Chase & Co, said last week that China was already in a so-called economic hard landing, citing fewer car sales, a drop in cement and steel production and falling construction share prices.
However, Chinese government officials did not agree.
Shen Danyang, a spokesman for the Ministry of Commerce, said last week that China's slower economic growth was mainly a result of its self-motivated efforts in restructuring.
Vice Premier Li Keqiang said on Sunday that China's economic fundamentals were sound, and the country would rely on more domestic demand to sustain its economic growth.
Zhu also said that the global economy may show an improvement this year although the eurozone debt crisis remained a problem.
"China is heading toward a soft landing," Zhu said at a conference in Hong Kong. "The pace of China's investment remains strong even after it slowed in recent months. But long-term inflationary pressure is still a concern."
China's gross domestic product growth eased to 8.9 percent in the final quarter of last year, the slowest in two and a half years. The official data also showed China's industrial output, fixed-asset investment and retail sales all weakened in the first two months, and property prices continued to fall in most of the nation's biggest cities.
Adrian Mowat, chief Asian and emerging-market strategist at JPMorgan Chase & Co, said last week that China was already in a so-called economic hard landing, citing fewer car sales, a drop in cement and steel production and falling construction share prices.
However, Chinese government officials did not agree.
Shen Danyang, a spokesman for the Ministry of Commerce, said last week that China's slower economic growth was mainly a result of its self-motivated efforts in restructuring.
Vice Premier Li Keqiang said on Sunday that China's economic fundamentals were sound, and the country would rely on more domestic demand to sustain its economic growth.
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