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  • » 07/13/2012, 00.00

    CHINA

    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.

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    See also

    01/06/2010 CHINA
    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.

    04/11/2005 CHINA
    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.

    15/07/2010 CHINA
    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.

    21/10/2010 CHINA
    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.

    17/07/2008 CHINA
    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.



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