Index shows modest recovery in China
By Ye Zhen |
June 27, 2012, Wednesday
|
Print Edition
Print Edition
A rebound in bank loans and real estate activity has lifted the Conference Board Leading Economic Index for China in May, signaling the world's second largest economy is recovering moderately.
The LEI rose 1.1 percent in May to 235.1, the New York-based Conference Board said yesterday. The index added 0.9 percent in April and gained 0.8 percent in March.
"While exports remain subdued, bank credit has picked up recently on fiscal and monetary policy measures designed to support growth and boost demand for loans," said Andrew Polk, resident economist at the Conference Board China Center in Beijing.
The government has unveiled several policy measures to boost consumption.
The People's Bank of China cut the key interest rate by 25 basis points on June 7, the first time since the global financial crisis in 2008, and lowered the bank reserve requirement ratio twice this year.
New lending by Chinese banks in May rebounded to 793.2 billion yuan (US$124.6 billion) from 682 billion yuan in April, indicating rising business activity in the country.
Home sales in 10 major cities, including Beijing, Shanghai and Guangzhou, rose to more than 60,000 units in the first three weeks of June, up 55 percent from a year earlier, data from Lianjia Real Estate showed.
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