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China well on way to more balanced economy

(Xinhua)

08:52, July 24, 2012

KUALA LUMPUR -- China's economic growth is expected to rebound in the second half of 2012 and the country is well on the way to achieving more balanced growth, according to analysts in Kuala Lumpur.

China's National Bureau of Statistics said earlier this month the nation's GDP grew 7.6 percent in the second quarter, the lowest growth since the second quarter of 2009.

However, analysts said the dip was expected and China's economy was likely to grow at a faster pace in the second half of the year, voicing confidence in China's economy.

Prasenjit Kumar Basu, an economist at leading Malaysian investment bank Maybank Kim Eng, said China's economic growth had rebounded since April.

"For China, it is important to consider the monthly data, which suggest that the economy reached its cyclical trough in April 2012, and began a modest recovery in the subsequent two months," he told Xinhua in a recent interview.

In a report published after the announcement of the second quarter GDP data, Basu said the impact of a strong rebound in bank lending in May and June as well as the additional policy rate cut by the central bank might be seen during the rest of the year.

Maybank Kim Eng maintains its prediction of a real GDP growth of 8 percent for China this year.

Basu's view was echoed by Anthony Dass, an economist with Malaysian Industrial Development Finance Berhad, an investment research house.

"The second quarter of 2012 growth was above our expectation and we believe the economy should improve further in the second half of 2012," Dass told Xinhua.

Basu suggested that a slowdown in growth was actually good for China, as it would help reduce some of the internal imbalances in the economy.


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