Arab Today, arab today china\s economic growth slows amid global turmoil
Last Updated : GMT 14:46:11
Arab Today, arab today
Arab Today, arab today

China\'s economic growth slows amid global turmoil

Arab Today, arab today

Arab Today, arab today China\'s economic growth slows amid global turmoil

Beijing - AFP

China\'s economy expanded at its slowest pace in more than three years as dire problems overseas started to hit home, official data showed Friday, fuelling expectations of more stimulus moves. The world\'s second-largest economy grew 7.6 percent in the second quarter year-on-year, the National Bureau of Statistics said, the weakest since 6.6 percent during the depths of the global financial crisis at the start of 2009. \"(The slowdown) was mainly due to the continued deterioration in the international environment, which further dampened foreign demand,\" statistics bureau spokesman Sheng Laiyun told reporters. \"Domestic demand eased also as macro-economic tightening, particularly controls on the real estate sector, continued.\"  The weak second-quarter expansion dragged down growth to 7.8 percent for the first half of the year, a period when the debt crisis in Europe has deepened and the US economy has continued to struggle. Sheng expressed confidence that the economy would stabilise and China would meet its full-year growth target of 7.5 percent. \"I believe China\'s economy will continue moderate and steady growth in the second half of the year,\" he said, citing the potential for investment, consumption and exports to propel expansion the rest of the year. \"We are very confident in achieving the full-year growth target.\" Nevertheless, the target growth rate of 7.5 percent is well down on the 9.2 percent achieved last year, and 10.4 percent in 2010. Stock market reaction in China to Friday\'s data was muted, with the benchmark Shanghai Composite Index ending a mere fraction higher.  Some other markets, including in Hong Kong, South Korea and Australia, showed stronger gains amid general relief that China\'s growth figure was not worse. Tang Jianwei, economist at Bank of Communications in Shanghai, said the second-quarter result was in line with expectations and that China\'s planners would be able to speed up the economy. \"We expect economic conditions in the second half of the year will be slightly better than the first half,\" Tang told AFP. \"We\'ve already seen stabilisation in investment from June\'s data thanks to government stimulus policies.\" The government last week took the rare step of slashing interest rates for the second time in a month. That came after three cuts since December in banks\' reserve requirements, or the amount of money they must keep on hand. Such cuts are meant to free up funds for lending and thus boost the economy. Chinese leaders have vowed to take further measures. Premier Wen Jiabao this week called stabilising economic growth the government\'s \"top priority\".  Slowing growth in China is also casting a further cloud over the broader global economy, which is still suffering the effects of the 2008-2009 financial crisis. Employment figures in the United States, the world\'s biggest economy, remain weak and Europe is struggling to overcome its sovereign debt crisis. Ren Xianfang of IHS Global Insight said in a report that China\'s second-quarter figure marked the sixth straight three-month period of slower growth, and highlighted that the country\'s economy risked losing momentum. Still, she said that the government retained ample tools -- including another interest rate cut, more loosening in bank reserve requirements and exchange rate stability -- to spur activity. \"We are expecting about 7.9 percent growth this year,\" she said. Besides the growth figures, the bureau released a slew of other economic statistics Friday that backed up the broader slowdown. Growth in retail sales, the main gauge of consumer spending, continued to slow in June, rising 13.7 percent in June compared with the same period a year earlier, marginally down from growth of 13.8 percent in May. Output from China\'s millions of factories and workshops also continued to slow, growing by 9.5 percent year-on-year in June, the bureau said, down from 9.6 percent in May. However, indicating that some government measures to revive growth were starting to kick in, China\'s urban fixed asset investments rose 20.4 percent in the first half of 2012 compared with a year earlier, the bureau said. The investments for the half year compared with growth of 20.1 percent in the first five months of the year, signalling a slight increase in June.

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\s economic growth slows amid global turmoil Arab Today, arab today china\s economic growth slows amid global turmoil

 



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\s economic growth slows amid global turmoil Arab Today, arab today china\s economic growth slows amid global turmoil

 



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 Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
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 Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

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