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'Economy stabilizing but faces pressure'

By Wei Tian and Yu Ran  (China Daily)

08:00, August 30, 2012

Official pledges measures to boost growth, help struggling exporters

The economy "is stabilizing" although it will remain under "downward pressure" in the coming months, a top official said in a briefing to the National People's Congress Standing Committee.

Zhang Ping, minister of the National Development and Reform Commission, also pledged more measures to "restore export growth" and "boost domestic demand".

There are difficulties facing the country's economic and social development both at home and in the global market, Zhang said.

It may take time for the economy to emerge from the turbulent patch, Zhang said.

Government efforts are taking effect, and growth is stabilizing slowly, he said but he did not speculate on when growth would rebound from a three-year low of 7.6 percent in the second quarter.

HSBC on Monday lowered its forecast for China's GDP growth in 2012 to 8 percent from 8.4 percent mainly due to export concerns.

Qu Hongbin, HSBC's China chief economist, said expectations of weaker-than-expected data will prompt the government to take more easing measures, which will lead to a recovery but the scale is likely to be modest.

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