Survey reveals financial bodies cheer economy
Print Edition
Financial institutions in Shanghai are more upbeat about China’s economy and see exports and consumption gaining importance in powering growth, a survey by Shanghai’s banking regulator revealed yesterday.
In the third quarter, over 82 percent of the financial institutions saw the pace of economic growth as appropriate, up 24 percentage points from the second quarter, the Shanghai bureau of the China Banking Regulatory Commission said.
The 15.6 percent of the respondents who saw the growth as slowing fell 23.5 percentage points from the previous quarter, according to the survey.
“Banks said exports and consumption are gaining importance in driving economic growth while investment is playing a lesser role.”
Worries about a weak stock market and a cool property sector eased from the second quarter. But concerns rose over inflation, energy problems and whether fixed-asset investments were rational.
Of the respondents, 83 percent expect the pace of economic expansion to be appropriate in the fourth quarter, up 27 percentage points from the second quarter, while 13 percent sees a slow growth rate, down 28.5 percentage points.
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