7.5% GDP growth 'in reach' (2)

By CHEN JIA and ZHENG YANGPENG (China Daily)

09:53, August 01, 2013

A statement from the Political Bureau of the Communist Party of China's Central Committee laid out its main strategies for the coming quarters on Tuesday. They include increasing public consultation, maintaining rational investment growth and supporting small and medium-sized enterprises.

It said economic growth in the first six months of the year was "stable" despite extremely complicated domestic and international conditions.

The country's economy experienced 7.6 percent year-on-year GDP growth in the first half of the year. The second quarter growth slowed to 7.5 percent from 7.7 percent in the first quarter.

Lian Ping, chief economist at the Bank of Communications, said in the second half of 2013, it is unlikely to see a substantial economic rebound although the reforms may accelerate.

"Industrial enterprises may see better conditions in the second half if the investment in infrastructure construction and public services can support stable economic expectations while benefiting small-scale businesses," said Lian.

He said the problem of excessive production capacity is still serious and that it is hard to boost domestic consumption or promote exports over a short period.

Yao Wei, chief economist in China with Societe Generale, a French financial group, said the Political Bureau's meeting indicated little change from the balanced stance that has been communicated to the market in the past few weeks.

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