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Double-dip recession unlikely for China

(Jiefang Daily)

13:38, October 20, 2011

Edited and translated by People's Daily Online

The national economic data issued by the National Bureau of Statistics of China on Oct. 18 showed that according to the preliminary calculation, the GDP of the first three quarters of 2011 was a little more than 32 trillion yuan, up 9.4 percent compared to that of the same period of 2010 in the comparable price. The GDP of the third quarter of 2011 had increased by 9.1 percent compared to that of the same period of 2010 and by 2.3 percent compared to that of the second quarter of 2011.

Sheng Laiyun, spokesperson for the National Bureau of Statistics, said that although the main indices of the national economy have declined a little, all of them are still in the stage of steady and relatively rapid growth. The national economic operation of China was generally good in the first three quarters of 2011 and is developing towards the anticipation of the macroeconomic readjustment and control.

From the impetuses of the growth and the leading indicators, it could be seen that the possibility of China's economy having a double-dip recession in the near future is very low. Some small and micro enterprises are having operational difficulties, but nationally, there have been no waves of bankruptcies among small and micro enterprises.

Sheng said that the national and international environments that influence China's economic development have both become more complicated and unstable, and uncertainty has increased, too. The macroeconomic readjustment and control of the next stage should not only maintain the continuity and stability of the policies but also strengthen the foresight, pertinence and flexibility of the policies, and meanwhile should properly deal with the relations among maintaining the steady and relatively rapid economic development, adjusting the economic structure and controlling the inflation, strengthen the reform and innovation, accelerate the adjustment of the economic structure and the transition of the development mode, pay more attention to guaranteeing and improving the people's livelihood and promote sound, rapid economic development.

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