US EUROPE AFRICA ASIA 中文
    China / Government

    China's economy regains momentum

    By Lan Lan (China Daily) Updated: 2012-11-11 07:28

    China's economy regains momentum

    Wang Guoqing (left), vice-minister of the International Communication Office of the CPC Central Committee and Zhang Ping, minister of the National Development and Reform Commission meet the press to announce the latest update on the Chinese economy on Saturday during the 18th CPC National Congress. [Photo by Zou Hong / China Daily]

    But more work needed for a sustainable growth model for China

    China's economy is regaining momentum and growth of the world's second largest economy will exceed 7.5 percent in 2012. But, the groundwork for an economic rebound still needs more work, the head of China's economic planning agency said on Saturday.

    China's economy regains momentum

    Signs of an uplift in the economy were obvious in October and China will likely achieve its economic growth target for this year, said Zhang Ping, minister of the National Development and Reform Commission.

    Zhang said China's fiscal revenue in 2012 is expected to increase to 12.7 trillion yuan ($2.03 trillion), compared to 10.37 trillion yuan in 2011.

    The country's growth slowed to 7.4 percent in the third quarter of the year, a decline for the seventh consecutive quarter, sparking concerns that China may repeat the economic downturn seen in 2008 as a result of the global financial crisis.

    But Zhang said the slowdown this year was partly due to government intervention, as a more moderated pace would allow leeway for China to shift its growth model.

    "Many factors contributed to this year's slowdown. The government has taken the initiative to lower this year's growth target to 7.5 percent to realize more sustainable development of the Chinese economy," said Zhang at a news conference Saturday during the 18th National Congress of the Communist Party of China.

    External conditions also affected growth. The sovereign debt crisis in Europe has yet to be solved, growth in other major economies had been pessimistic, and these factors have dragged down the growth of emerging economies.

    "China, as a big economy, became deeply involved in the process of globalization. The worldwide slowdown and weak external demand also had impact on China," he said.

    However, recent figures indicate that China may be reversing the trend. October data including total industrial output value, total retail sales and import and export statistics all showed improved performances compared to the last two months.

    "We have confidence we can realize the targets set at the beginning of the year. Economic growth could still exceed 7.5 percent in spite of major challenges and difficulties," said Zhang.

    "But we must not let our guard down. Our foundation is still not firm enough for a rebound, so we should not let up on continued efforts," said Zhang.

    "Given the new challenges in the world economy, we must prepare ourselves for difficulties and challenges in the long run."

    China's economy regains momentumThe main focus is to further strengthen domestic demand and increase income to stimulate domestic consumption.

    The government is expected to launch a new income-distribution framework soon to reduce income inequality, according to reports.

    Zhang said domestic consumption has played a vital role in keeping the Chinese economy growing.

    In the first three quarters, the contribution of exports to China's economic growth was a negative 5.5 percent, while internal demand represented 105.5 percent of the growth.

    "China has set developing internal consumption as its strategic base point, to leave space for the stable and relatively rapid expansion for China's economy."

    Inflation has stabilized, according to figures released by the National Bureau of Statistics on Friday. China's CPI increased by 2.7 percent in the first 10 months, indicating that the year's target - 4 percent - is within sight.

    Zhang said the implementation of the country's 12th Five-Year Plan (2011-15) is well on track after two years. The economy grew by 9.3 percent in 2011, the first year in the 12th Five Year Plan.

    GDP growth should spike to above 8 percent in the fourth quarter, said Zhang Zhiwei, chief economist at Nomura International. "We do not expect it to sustain throughout 2013."

    He expected loose monetary policies to continue for the rest of the year. The central bank has cut interest rates twice this year and lowered reserve ratios three times since late 2011.

    A significant contributor to a stabilizing economy is the return to capital inflow bolstered by aggressive net liquidity injections from the central bank, said Alistair Thornton, senior China economist at HIS Global Insight.

    He said latest statistics indicate that the government's strategy to boost growth has gained traction in the past couple of months.

    lanlan@chinadaily.com.cn

     

    Highlights
    Hot Topics
    ...
    国产午夜无码专区喷水| 国产成人无码区免费内射一片色欲 | 亚洲成A人片在线观看中文| 久久人妻少妇嫩草AV无码专区| 亚洲欧美日韩中文在线制服| 亚洲AV中文无码字幕色三| 亚洲中文字幕不卡无码| 久久久久无码精品国产不卡| 亚洲伊人久久综合中文成人网 | 久久中文字幕精品| 亚洲国产精品无码久久| 亚洲电影中文字幕| 人妻系列无码专区久久五月天| 亚洲欧洲日产国码无码网站| 亚洲乱码中文字幕综合| 精品人妻系列无码天堂| 亚洲成AV人片天堂网无码| 中文无码熟妇人妻AV在线| 亚洲一区二区三区在线观看精品中文 | 精品久久无码中文字幕| 久久无码一区二区三区少妇 | 色综合久久中文字幕无码| 最近免费中文字幕中文高清| 三级理论中文字幕在线播放| 97无码免费人妻超| 亚洲V无码一区二区三区四区观看| 亚洲中文字幕无码专区| 亚洲欧美日韩中文字幕在线不卡| 中文字幕 亚洲 有码 在线| 免费无码午夜福利片| 久久久久久国产精品无码下载| 久久精品无码一区二区无码 | 波多野结衣亚洲AV无码无在线观看| 亚洲AV综合色区无码一区 | 国产a级理论片无码老男人| 无码人妻AⅤ一区二区三区 | 91精品无码久久久久久五月天| 国产AV无码专区亚洲AV男同 | 亚洲爆乳精品无码一区二区| 久久无码一区二区三区少妇| 成年免费a级毛片免费看无码|