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People's Daily Online>>China Business

Economy to expand 8.1% this year

(Xinhua)

10:32, February 05, 2012

BEIJING - China's economic growth will decelerate to around 8.1 percent this year and edge up to 8.7 percent in 2013, Stephen Green, economist with Standard Chartered Bank (China), said Saturday.

He said in an interview with Xinhua 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 percent in January, the highest level since October. The PMI stood at 50.3 percent in December, and 49 percent in November.

The manufacturing sector is currently going through contraction, Green said.

He sees China's gross domestic product (GDP) growth will be the slowest in the first quarter and gradually pick up later on, bringing the growth rate for 2012 to around 8.1 percent.

China's economy expanded by 9.2 percent in 2011 from a year earlier and 8.9 percent year-on-year in the fourth quarter, according to the National Bureau of Statistics (NBS). The quarterly growth was the slowest in 10 quarters.

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wende at 2012-02-0671.255.83.*
China ought to exert more effort to prevent the slide of GDP as it means more unemployment. China"s businesses should not price their products too low but competitive and should not cave in to pressure from foreign importers to lower their price. Too low a price will only please the capitalists and anger their commerce department saying China is dumping their products. At the same time, Chinese laborers are paid with meager wages. Chinese contractors ought not to sacrifice their laborers just to line the pockets of foreign capitalist. The labor unions of China should safeguard the health of Chinese laborers and have them duly compensated with overtime pay if exceeding 40 hours per week. Do not overstress Chinese laborers to the point of suicide. Chinese capitalists should examine their conscience and not just look at profit. Suicides are caused by overworked workers who feel they have to heed the wishes of their bosses to stay employed. But, overstress led them to suicide as they feel tired and hopeless with their daily chores
  

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