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Chinese economy still has room for moderate growth

(People's Daily Online)

16:40, August 03, 2012

In recent years, many people have paid particular attention to whether China’s economy can maintain a growth rate of over 8 percent. They have become used to China’s rapid economic growth, and cannot help worrying after the country’s gross domestic product (GDP) growth rate slowed to 7.8 percent in the first half of the year. As it is the first time in three years that China’s GDP growth rate has fallen below 8 percent, certain media outlets have taken it as a sign of the end of the country’s economic miracle.

Is it really pessimistic with the 7.8 percent growth rate?

According to the National Bureau of Statistics, China’s GDP grew 7.8 percent in the first half of the year from a year earlier, with the first-quarter growth rate standing at 8.1 percent and second-quarter rate at 7.6 percent, down 0.8 percentage points and 0.5 percentage points, respectively, from their previous quarters.

Although GDP growth has slowed for six consecutive quarters, the data for the second quarter, particularly in May and June, showed some signs of stabilization in the Chinese economy.

The country’s industrial value-added output grew 9.3 percent, 9.6 percent, and 9.5 percent from April to June, respectively, from a year earlier. The fluctuations were small, and both May and June saw a higher growth rate than April.

Fixed-asset investment increased 20.4 percent in the January-June period from a year earlier, 0.3 percentage points higher than the growth registered in the January-May period. Infrastructure investment increased 4.4 percent, reversing the 2.1 percent decline in the first quarter. Total retail sales of consumer goods recorded a nominal growth rate of 13.7 percent in June, 0.1 percentage point lower than the growth in May.

However, the retail sales actually grew faster in June than in May after adjusting for inflation. The Chinese economy is gradually stabilizing, according to the country’s major economic indicators for the second quarter provided by the NBS.

Read the Chinese version at: 中国经济仍在适度增长空间 , Source: People's Daily, Author: Zhu Jianhong

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