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Slowdown foreseen for China industrial growth
By Wang Yanlin |
September 7, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S industrial production growth for the second half of this year is likely to moderate to 10 percent, given the average growth of 17.6 percent in the first six months, said Xin Guobin, head of the Ministry of Industry and Information Technology.
Giving the forecast at a press conference today in Beijing, Xin said based his estimate on the slowdown trend in China's manufacturing sector, which posted the smallest output increase of 12.8 percent in 11 months in July.
"Economic growth will cool further in the later half," Xin said. "Demand-dampening curbs on housing speculation and energy consumption, cut-back on fixed-asset investment, uncertain outlook for exports, and a higher base for comparison will combine to pull down the industrial output in the following months."
He said the key tasks for the second half should include keeping the macroeconomic policies stable and further boosting domestic demand to secure a stable industrial growth.
China's official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, edged up to 51.7 percent in August, up from 51,2 percent in July. A reading above 50 points to expansion.
Giving the forecast at a press conference today in Beijing, Xin said based his estimate on the slowdown trend in China's manufacturing sector, which posted the smallest output increase of 12.8 percent in 11 months in July.
"Economic growth will cool further in the later half," Xin said. "Demand-dampening curbs on housing speculation and energy consumption, cut-back on fixed-asset investment, uncertain outlook for exports, and a higher base for comparison will combine to pull down the industrial output in the following months."
He said the key tasks for the second half should include keeping the macroeconomic policies stable and further boosting domestic demand to secure a stable industrial growth.
China's official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, edged up to 51.7 percent in August, up from 51,2 percent in July. A reading above 50 points to expansion.
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