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People's Daily Online>>China Business

China's economic slowdown not a concern

By Ye Xiaonan (People's Daily Overseas Edition)

16:27, April 19, 2012

Edited and translated by People's Daily Online

According to data from the National Bureau of Statistics of China, the GDP of the first quarter of 2012 had increased by 8.1 percent compared to that of same period of 2011, and the growth rate has decreased for five successive quarters. After the data was released, some market participants expressed concern that the economic growth rate may keep dropping, but insiders believe that the decrease of the GDP growth rate of the first quarter was caused by various factors and it accords with the expectation, and therefore, the economic slowdown is not a concern.

Slowdown of GDP growth rate accords with economic law

The chief advisor to the president of the China Galaxy Securities Zuo Xiaolei told People's Daily that, although the data of the first quarter, affected by festivals and seasonal factors, are actually reference data rather than basic data for predicting the economic trend of the full year, various parties still have paid close attention to the data. Actually, due to influences from various factors, it is normal and accords with the economic law that China's economy slows down in the transition period.

According to Zuo's analyses, during the NPC and CPPCC held in 2012, the government had already given a signal indicating the slowdown of China's economy by adjusting the government-guided economic growth rate to 7.5 percent. Analyzing it based on the domestic economic environment, the short-term slowdown of China's economy is caused by the proper slowdown of the investment brought by the macroeconomic control on the real estate and over production capacity.

These influences have been reflected in the data. For example, the investment on the real estate development is still decreasing. In addition, the European debt crisis' influence on China's export market has been taken into consideration fully. Relevant departments have reduced the standard of the average growth rate of the total import-export volume from 15 percent of 2011 to about 10 percent of 2012, reducing the trade surplus' contribution to the economic growth. Therefore, the decrease of the economic growth is under control.

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