Latest News:  
Beijing   Sunny    10 / -2   City Forecast

People's Daily Online>>China Business

China's lower GDP target not to hurt Philippine economy: C. Bank


16:37, March 06, 2012

MANILA, March 6 (Xinhua) -- The Philippines' Central Bank downplayed on Tuesday any significant impact on the local economy by China's decision to cut growth target to 7.5 percent this year.

Central Bank governor Amando Tetangco Jr. said that many have already anticipated that China would slash its growth target from a long standing annual goal of 8 percent.

"Now it's possible that this year, while the growth projection has been downscaled, they can still beat that target. If that's the case, then there won't be any significant impact given that it has been the expectation by many that there will be some deceleration in the economic growth in China," he said, adding that the 7.5 percent economic expansion was still "very respectable."

While the financial markets were affected on China's announcement, Tetangco expressed belief that the effect would be temporary.

"That impact on the financial markets of the slower growth target is temporary and once that has been absorbed, I think the markets would realize that that is still significant growth for huge economy like China at this time," he explained.

Ruperto Majuca, assistant director-general of the National Economic Development Office for Planning of the National Economic Development Authority (NEDA), said that since last year, the government has already anticipated China's economic slowdown.

"We are anticipating that they will slowdown as they rebalance their economy, making it more consumption-based rather than investment-based, get more imports and reduced their exports," he said.

Because of the increase in imports by China, he said it could be an opportunity for Philippine-based exporters to take advantage of.


Leave your comment0 comments

  1. Name


Selections for you

  1. Beautiful service staff at the NPC and CPPCC sessions

  2. Grandson of Chairman Mao attends CPPCC meeting

  3. Land subsidence causes panic in Hefei

  4. A journey in North Tibet: Baingoin

Most Popular


  1. Chinese products bring benefits to U.S. consumers
  2. Is international 'hot money' flowing into China?
  3. China's economy to roar ahead amid global woes
  4. U.S. solution to Syria issue doomed to failure
  5. Trust key to stability on Korean Peninsula
  6. Public will increasingly swaying diplomatic policies
  7. Political dialogue is right solution to Syrian crisis
  8. West's pressure no sway on China's defense budget
  9. Manila returns to usual games of cat and mouse
  10. How should China cope with US return to Asia?

What's happening in China

Constructive partnership will build foundations

  1. Thousands of Buddha statues found in N. China
  2. Lawmakers', political advisors' microblog highlights
  3. Bear bile 'needed for medicines'
  4. Smoking is rampant in Internet bars
  5. Income gap needs attention, deputy says

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai