China's economy to expand 8.1% this year, and up to 8.7% in 2013
China's economic growth will decelerate to around 8.1% this year and edge up to 8.7% in Y 2013, Stephen Green, economist with Standard Chartered Bank (China), said Saturday. He said in an interview that China's manufacturing activity is far from optimistic despite the Country's Purchasing Managers Index (PMI) for the manufacturing sector rose slightly in January.
The China Federation of Logistics and Purchasing said Wednesday in a statement on its website that China's PMI rose to 50.5% in January, the highest level since October. The PMI stood at 50.3% in December, and 49% in November.
The manufacturing sector is currently going through contraction, Mr. Green said.
He sees China's gross domestic product (GDP) growth will be the slowest in Q-1 and gradually pick up later, bringing the growth rate for Y 2012 to around 8.1%.
China's economy expanded by 9.2% in Y 2011 from a year earlier and 8.9% Y-Y in Q-4, according to the National Bureau of Statistics (NBS). The Quarterly growth was the slowest in 10 Q's.
China to promote steady, rapid economic development
Vice Premier Wang Qishan Friday said the Chinese government will accelerate the adjustment of China's economic structure and promote steady and rapid economic development. Wang made the remark while meeting with a group of overseas bankers who attended a ceremony celebrating the 100 anni of the establishment of the Bank of China (BOC).
The primary task now is to ensure economic recovery and financial stability, as the current Global economic and financial situation is very complex and grim, Wang told the bankers.
He said China has made great contributions to Global economic recovery, as the Chinese economy has maintained a momentum of fairly rapid growth.
The government will follow the requirements of the 12th Five-Year Plan to accelerate the transformation of China's economic development pattern and expand domestic demand, Wang said.
The vice premier called on financial circles to make suggestions for International financial system reform and the healthy development of the Global financial industry.
The BOC is one of China's major state-owned lenders and 1 of the World's most important banks.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. www.livetradingnews.com