by admin | May 25, 2021 | Economy, News, World
Beijing : China’s gross domestic product (GDP) grew 6.7 per cent year on year in the first three quarters of 2018 to about 65.09 trillion yuan ($9 trillion), data from the National Bureau of Statistics (NBS) showed on Friday.
The growth was in line with market expectations and higher than the government’s annual growth target of around 6.5 per cent, reports Xinhua news agency.
In the third quarter, China’s GDP rose 6.5 per cent from a year ago, compared to a 6.7 per cent increase in the second quarter, the NBS said in a statement.
The economy has expanded in a reasonable range and maintained a trend of overall stability and steady progress, the statistical authority said, while acknowledging that the country faces more external challenges and rising downward pressure.
The service sector gained 7.7 per cent year on year in the January-September period, picking up from a 7.6 per cent increase in the first half, and outpacing 3.4 per cent in primary industry and 5.8 per cent in secondary industry.
—IANS
by admin | May 25, 2021 | World
New York : Growth in China remained solid throughout 2017 and its growth slowdown was well managed, the World Bank (WB) has said.
China’s trade flows recovered markedly in 2017, with tighter enforcement of capital flow management.
It “helped ease capital outflows and exchange rate pressures and reverse a reduction in foreign reserves,” WB said in its report “Global Economic Prospects” published on Tuesday.
In the latest report, the bank forecast China’s annual economic growth in 2017 at 6.8 per cent, a two-basis point increase on its forecast six months ago, Xinhua news agency reported.
“Currently the growth slowdown in China is very well managed. It is very steady and gradual and the authorities have managed to calibrate it properly,” Franziska Lieselotte Ohnsorge, manager of development prospects group at WB said.
“Reserves are high, government debt is manageable especially compared with advanced economies,” said Ohnsorge, who is one of the lead authors of the report of the bank which is headquartered in Washington D.C.
Threats to economic stability are being tackled, said Ohnsorge. “The authorities have already taken a lot of regulatory steps to cool housing markets, to slowly unwind financial vulnerabilities.”
“We see the same risk as in other emerging markets, slower than expected growth,” she added.
“But the authorities still have ample buffers to absorb or to mitigate any big shock,” she noted.
Ohnsorge forecasts that annual GDP growth in China would be between six and 6.5 per cent over the next decade.
—IANS
by admin | May 25, 2021 | World
Beijing : The World Bank has raised China’s growth forecast for 2017 from 6.5 per cent to 6.7 per cent and from 6.3 per cent to 6.4 per cent in 2018, authorities said on Thursday.
In its latest East Asia and Pacific Economic Update report, the World Bank pointed out the new forecast follows an improvement in forecast for the entire Asian region, which is expected to grow at 6.4 per cent in 2017 as compared to 6.2 per cent that was announced in April, and of 6.2 per cent in 2018, as compared to 6.1 per cent six months ago.
According to the Washington-based institution, the upward revision of the forecast is partly owing to government measures to check overcapacity, credit expansion and restructuring of state corporations, and streamlining the country’s shadow banking sector, reports Efe news.
The report added geopolitical tension, rising trade protectionism and economic nationalism could, however, affect growth elements such as exports, whose recovery this year contributed to growth.
China’s growth is expected to be moderate in 2018 and 2019, although it will still be higher than that of many other Asian economies, the report said.
In the first quarter of 2017, China grew at 6.9 per cent, partially due to increased consumption that contributed 4.4 per cent to the country’s growth, while investment contributed 2.8 per cent.
The World Bank’s forecast is in line with the Asian Development Bank, which at the end of September had said China’s economy is expected to grow at 6.7 per cent this year.
—IANS
by admin | May 25, 2021 | Economy, News
New Delhi,(IANS) Strong economic growth in India and China can act as an engine of growth for the global economy, Prime Minister Narendra Modi said on Thursday.
Modi said this while interacting with Han Zheng, party secretary of Shanghai and politburo member of the Communist Party of China, who called on the prime minister on Thursday.
The two leaders discussed the current global economic scenario, with Modi noting that strong economic growth in India and China can act as an engine of growth for the global economy.
The prime minister recalled his meeting with Zheng in Shanghai, during his visit to China last year, and said that the Mumbai-Shanghai Sister City Agreement laid the foundation for strong relations between the financial capitals of India and China.
Zheng said Modi’s visit to Shanghai last year, and the resultant increased awareness about India, led to an increase in the number of people from Shanghai visiting India.
The prime minister said the establishment of the India-China Provincial Leaders’ Forum was also a welcome step towards broadening and strengthening the bilateral relations between India and China.
by admin | May 25, 2021 | World
Beijing, (IANS) Business activity in China’snon-manufacturing sector expanded at slower pace in April, official data showed on Sunday.
The purchasing managers’ index (PMI) for the,non-manufacturing sector stood at 53.5 in April, down from 53.8 in March and well above the 50 mark that separates expansion and contraction, according to data released jointly by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.
The non-manufacturing PMI tracks business activities of both the service sector and the construction industry, Xinhua news agency reported. The service sector sub-index was 52.5 in April, down 0.6 points from March, said the report.
Businesses related to storage, tourism, accommodation, and telecommunications posted sound growth in April. However, wholesale, catering, insurance and repairing industries reported a drop in business volumes.
The sub-index for service new orders declined 2.4 points from one month earlier to 48.4 in April, suggesting slower demand in the non-manufacturing sector.
The sub-index for construction activity rose 1.4 points to 59.4 in April, while that for new orders was down 0.5 point to 50.
