» 07/13/2012, 00.00
Economic growth reaches weakest pace in three years
With growth slowing, the authorities need to address the problem politically, at the level of the one-party state that monopolises power and investments. Other data indicate that Beijing's injections of capital have temporarily, and artificially, stabilised the situation.
Beijing (AsiaNews/Agencies) - China's rate of economic growth is
slowing down because of the world's economic crisis but especially domestic
corruption and the one-party state. China's growth slowed for a sixth quarter
to the weakest pace in three years; decision-makers in Beijing must focus more on the matter.
Today's macroeconomic indicators show
that measures taken so far have started to stabilise the economy. Gross
domestic product expanded 7.6 per cent last quarter from a year earlier, just
under the first-half expansion of 7.8 per cent. In March, the target set was
7.5 per cent for this year, down from an 8 per cent goal in place since 2005.
However, this is largely a function
of direct aid to the banks and big government corporations to soften the
decline. Effects are likely to be temporary.
"I would say probably the worst is
over and we are going to see some stabilization and even improvement in growth
in the next quarter," Sun Junwei, China economist at HSBC in Beijing said. "It pretty much depends on
what will be the strength of further easing, but I think the chance is good
that (policy makers) are willing to respond to this growth slowdown."
GDP figures were not the only data
released today. Fixed-asset investment excluding rural households increased
20.4 per cent in the first six months from a year earlier. Retail sales rose
13.7 per cent last month, compared with the 13.8 in May. Industrial production
expanded 9.5 per cent in June, compared to a 9.8 per cent median estimate.
Chinese growth slowing down again in May, Wen Jiabao voices concerns
The growth in manufacturing activity is slowing down because of the European debt crisis and government measures to rein in the real estate boom. In Tokyo, Chinese PM Wen warns against the dangers of a second slump, but believes China is on track.
Annual economic growth over next five years to drop to 7.5 per cent
GNP growth averaged 8.8 per cent in past five years. Currently, population is growing by ten million a year.
Chinese growth drops (slightly) to 10.3 per cent
Economy exhibits more modest gains. This is in line with government policy, but is also a sign that the economy is no longer showing the “doping” effect of government loans.
Chinese growth slows down, inflation accelerates
Third quarter growth slows to 9.6 per cent against 11.9 in first quarter. Inflation hits 3.6 in September, record high in two years, dragged by food prices, which soar 8 per cent. Tomorrow, G-20 meets to discuss currency policies. China reiterates its opposition to stronger yuan.
Chinese inflation remains high, economic growth slows
Inflation at 7.1% in June, while producer prices increase 8.8%, a more than 10-year record. China faces the dilemma of containing inflation without impairing production too seriously. Meanwhile, the worst energy crisis in years approaches.
Card. Tong’s article on China-Holy See dialogue, arouses joy and dismay
The Hong Kong bishop’s optimism over a change in the method of appointing bishops and the function of the Patriotic Association. But it is unclear whether it is real change or just nominal, in words. Underground bishops are patriotic and love their country, but the Party is suspicious of them. Freedom in episcopal appointments is “essential", but the bishops are not free to exercise their ministry. Patriotic bishops controlled in their visits with members of the universal Church. The "bugs" (hidden microphones) in a bishop’s office.
Card. Tong: The future of Sino-Vatican dialogue from an ecclesiological point of view
Card. John Tong
The Hong Kong Cardinal outlines the steps that hope to propel dialogue between China and the Holy See. Themes include the Pope's role in the appointment of bishops; A change of vision in the Patriotic Association; the possible integration of the underground bishops in the Episcopal Conference. A new article by card. John Tong, following a previous article published a few months ago on "Communion of the Church in China with the universal Church."
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