Latest News:  
Beijing   Cloudy/Sunny    33 / 21 ℃  City Forecast

English>>China Business

HSBC lowers GDP estimate amid export concerns

By Wang Xinyuan (Global Times)

08:27, August 28, 2012

HSBC, Europe's largest bank by market value, lowered its forecast for China's gross domestic product (GDP) growth in 2012 to 8 percent from 8.4 percent amid concerns on the country's deteriorating exports and rising unemployment.

The export collapse has led to a lower projection on the GDP growth of the world's second largest economy, according to an HSBC report sent to the Global Times Monday.

Export growth dropped sharply to a mere 1 percent year-on-year last month, from 11.3 percent in June.

Many difficulties and uncertainties remain based on indicators such as sliding new export orders, the Xinhua News Agency cited Premier Wen Jiabao as saying during his recent tour to Guangdong Province.

Collapsing exports, falling corporate profits and rising inventory all increase the risk of a rise in unemployment, Qu Hongbin, HSBC's China chief economist, said in the report.

Qu said that the expectations of weaker-than-expected data will prompt the government to take more policy easing measures to support the economy, especially keeping the labor market stable will be a top policy priority, given the upcoming leadership transition.

The official unemployment rate is 4.1 percent in the second quarter of this year, according to the Ministry of Human Resources and Social Security.

【1】 【2】



News we recommend:
Amusement parks boost real estate market Survey shows SOE jobs are top choice CNOOC pushes ahead with Nexen acquisition
The Pain of a Pension Deficit Staying on Target More new grads opt for State firms
Treading Lightly for Fast Growth  Questions raised over stores' price war A fertile ground for overseas banks

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Female panda born in Sichuan

  2. Indian beauties wearing gold jewelry

  3. Apple losing smartphone battle to Samsung

  4. 2012 China Miss Tourism Int'l crowned

  5. Female stars in see-through dress

  6. The most expensive hotel in Dubai

Most Popular

Opinions

  1. Public needs to see where tax money goes
  2. Should China boycott Japanese goods?
  3. US launches financial attacks against its allies
  4. When will Chinese-style love tragedy move world?
  5. Stakes high for Romney in Republican convention
  6. The costs of luxury spending are booming
  7. Sleeper buses need best mechanic in country
  8. Commentary: Quality of governance essential
  9. Brand positioning through experience
  10. Visits highlight Cairo foreign policy change

What's happening in China

Man pricked by syringe with HIV

  1. Disgruntled ex-employee burns 3 dead
  2. China launches $372 bln pollution reduction drive
  3. 'Special-ability' class taught kids to cheat
  4. Island will boost Pearl River vision
  5. Acid rain hangs cloud over province

China Features

  1. China no longer simply 'world's factory'
  2. Sharp depreciation of yuan unlikely
  3. Special Coverage: Chinese Valentine's Day
  4. Rare tornadic waterspouts appear in Guangxi
  5. Tips for 'Stopping the Heat' [Special]

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