October figures set to indicate GDP growth improving in Q4
Source: Bloomberg News |
November 9, 2012, Friday
|
Print Edition
Print Edition
CHINA'S central bank governor and statistics chief yesterday signaled October data to be published starting today will show growth improving this quarter in the world's second-largest economy.
Some indicators are rebounding and the economy is stabilizing, Zhou Xiaochuan, head of the People's Bank of China, said in Beijing. Ma Jiantang, head of the National Bureau of Statistics, said separately that people will be "more confident" about fourth-quarter expansion when the data are out.
There are signs the economy is recovering from a seven-quarter slowdown. Service industries rebounded from the weakest expansion in at least 19 months, an official purchasing managers' survey showed on Saturday, and two separate reports disclosed manufacturing rose.
Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd in Hong Kong, said in a research note this week: "We expect slightly better growth from the data, amid infrastructure spending from the fiscal boost, and a more resilient consumption sector, but maintain that a recovery will be mild."
Yi Gang, deputy governor of the PBOC, said separately yesterday that fourth-quarter economic performance will be "relatively good."
China's economic growth this year may be the weakest since 1999 after the global slowdown crimped exports and government policies to curb inflation and property speculation damped domestic demand. Expansion may ease to 7.7 percent from 9.3 percent in 2011, the median estimate of 45 analysts surveyed by Bloomberg News showed.
The economy grew 7.4 percent in the third quarter from a year earlier, the weakest pace in three years, the statistics bureau data released last month showed. Fourth-quarter growth may rebound to 7.7 percent, according to the median estimate of 30 economists.
Zhou said policy next year should stay targeted and flexible while also keeping some room for adjustment, as the economy faces potential risks, including the so-called US fiscal cliff. That refers to US$607 billion in federal spending cuts and tax increases set to take effect in January unless the nation's legislature acts.
The statistics bureau is to report industrial output, retail sales and inflation data for October today.
Some indicators are rebounding and the economy is stabilizing, Zhou Xiaochuan, head of the People's Bank of China, said in Beijing. Ma Jiantang, head of the National Bureau of Statistics, said separately that people will be "more confident" about fourth-quarter expansion when the data are out.
There are signs the economy is recovering from a seven-quarter slowdown. Service industries rebounded from the weakest expansion in at least 19 months, an official purchasing managers' survey showed on Saturday, and two separate reports disclosed manufacturing rose.
Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd in Hong Kong, said in a research note this week: "We expect slightly better growth from the data, amid infrastructure spending from the fiscal boost, and a more resilient consumption sector, but maintain that a recovery will be mild."
Yi Gang, deputy governor of the PBOC, said separately yesterday that fourth-quarter economic performance will be "relatively good."
China's economic growth this year may be the weakest since 1999 after the global slowdown crimped exports and government policies to curb inflation and property speculation damped domestic demand. Expansion may ease to 7.7 percent from 9.3 percent in 2011, the median estimate of 45 analysts surveyed by Bloomberg News showed.
The economy grew 7.4 percent in the third quarter from a year earlier, the weakest pace in three years, the statistics bureau data released last month showed. Fourth-quarter growth may rebound to 7.7 percent, according to the median estimate of 30 economists.
Zhou said policy next year should stay targeted and flexible while also keeping some room for adjustment, as the economy faces potential risks, including the so-called US fiscal cliff. That refers to US$607 billion in federal spending cuts and tax increases set to take effect in January unless the nation's legislature acts.
The statistics bureau is to report industrial output, retail sales and inflation data for October today.
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