Industrial output to grow slower in Q1
By Feng Jianmin |
February 8, 2012, Wednesday
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Print Edition
Print Edition
CHINA'S industrial output may grow slower this quarter amid a cooling world economy and Europe's debt woes, the Ministry of Industry and Information Technology said yesterday.
"The global economy is slowing down, Europe's sovereign debt crisis is deepening and the downside risks to the world economy are rising with international demand still slack and global commodities and financial markets continuing to be volatile," Zhu Hongren, the ministry's chief engineer, said in Beijing.
The growth in China's industrial added-value output was 13.9 percent in 2011 from a year earlier, the ministry said, as it pointed out that the growth rate had slowed for four consecutive quarters last year from 14.8 percent in the first quarter to 12.8 percent in the last three months.
Zhu cautioned that the expansion in China's industrial output may further slow in the first three months this year as the country confronts a "domestic and international environment with increased unstable and uncertain factors."
China will focus on small enterprises, and a detailed plan to use a 15 billion yuan (US$2.4 billion) fund set up by the central government is being studied, he added.
Zhu's remarks about slower industrial output growth echoed that of Fitch Ratings while the International Monetary Fund had warned about the cooling economy in China.
Andrew Colquhoun, head of Asia-Pacific Sovereign at Fitch Ratings, said in Hong Kong a hard landing for the Chinese economy was potentially the biggest risk for the global economy in 2012.
"The global economy is slowing down, Europe's sovereign debt crisis is deepening and the downside risks to the world economy are rising with international demand still slack and global commodities and financial markets continuing to be volatile," Zhu Hongren, the ministry's chief engineer, said in Beijing.
The growth in China's industrial added-value output was 13.9 percent in 2011 from a year earlier, the ministry said, as it pointed out that the growth rate had slowed for four consecutive quarters last year from 14.8 percent in the first quarter to 12.8 percent in the last three months.
Zhu cautioned that the expansion in China's industrial output may further slow in the first three months this year as the country confronts a "domestic and international environment with increased unstable and uncertain factors."
China will focus on small enterprises, and a detailed plan to use a 15 billion yuan (US$2.4 billion) fund set up by the central government is being studied, he added.
Zhu's remarks about slower industrial output growth echoed that of Fitch Ratings while the International Monetary Fund had warned about the cooling economy in China.
Andrew Colquhoun, head of Asia-Pacific Sovereign at Fitch Ratings, said in Hong Kong a hard landing for the Chinese economy was potentially the biggest risk for the global economy in 2012.
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