Arab Today, arab today china \to add more to global growth\
Last Updated : GMT 11:39:24
Arab Today, arab today
Arab Today, arab today

China \'to add more to global growth\'

Arab Today, arab today

Arab Today, arab today China \'to add more to global growth\'

Beijing - XINHUA

China\'s contribution to the global economy will continue to increase this year, remaining a major engine for world growth, a senior economist from a top government think tank said on Thursday. A sharp drop in GDP growth, or a hard landing, is unlikely in the second half of the year, Wang Yiming, vice-president of the Academy of Macroeconomic Research under the National Development and Reform Commission, said at a news conference. Wang also said the 7.5 percent growth target for the year will be achieved, with an inflation rate of less than 3 percent. Ongoing reforms will further strengthen sustainability of the Chinese economy, Wang said. \"Depening the rebalancing of reform is the key to upgrading the economic growth pattern,\" Wang said, adding that the Third Plenary Session of the 18th CPC Central Committee, expected to convene in October, will give a framework for the overall reform design. After the session, reform progress is likely to be faster than expected, he said. Since taking office in March, the new central leadership has introduced market-oriented reforms in a wide range of areas, from cutting tax to easing controls in the financial sector. The central bank scrapped the lower limit on bank lending rates last month, a step toward liberalizing interest rates. The government has also suspended business tax and value-added tax for small and medium-sized enterprises. Wang said it is crucial to keep GDP growth within a reasonable range in the second half, although China\'s double-digit potential growth rate has fallen to between 7 and 8 percent. \"We are able to control the potential risks in local government debt and the financial system,\" he said. In the second quarter, GDP growth in the world\'s second-largest economy slowed to 7.5 percent from 7.7 percent in the first. On Thursday, the National Bureau of Statistics said the July purchasing managers index hit 50.3, up from a five-month low of 50.1 in June. This ended a decline for three consecutive months, indicating that the manufacturing sector, which accounts for about 40 percent of overall GDP, is expanding at a moderate pace. It was the 10th month running in which the index reading stayed above 50, the point that separates expansion from contraction. The PMI figures shored up the stock market on Thursday, with the Shanghai Composite Index increasing by 1.8 percent to 2,029.07, the largest rise for a week. The shares of about 40 enterprises on the Shanghai and Shenzhen exchanges reached the 10 percent daily increase ceiling. Wang Tao, chief China economist at UBS, said the country is likely to achieve 7.5 percent growth this year, and a rebound may come in the third quarter. Wang doesn\'t expect visible policy stimulus measures in the second half, although the government has announced several fine-tuning measures to stabilize growth. Tao Dong, a senior economist in Hong Kong at Credit Suisse, said the government has the ability to shore up GDP growth and meet its target this year, but the figure is less important than improving the quality of economic development and efficiency. The growth rate, whether it is 7.5 percent or 7 percent, will still see China as one of the fastest developing economies in the world, he said. In the second half of this year, debt issues may continue to plague the eurozone unless the indebted countries take moves to redress fiscal balance; the Japanese economy seems to be losing momentum despite the strong stimulus; and the United States may see a slight rebound which could lead the Federal Reserve to start reducing quantitative easing from September, according t Tao. Zhang Bin, general manager of Shanghai Solid Stainless Steel Products, a manufacturer and exporter, said it is essential for the company to minimize production costs based on its own advantages.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china \to add more to global growth\ Arab Today, arab today china \to add more to global growth\

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china \to add more to global growth\ Arab Today, arab today china \to add more to global growth\

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday