NBS: China on track to meet 7.5% GDP growth target

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China’s economy is showing clear signs of stabilizing...the country’s statistics agency said the economy is on track to meet its 2013 growth target of 7.5 percent, as support policies kick in and global demand recovers.

Two months into Q3, economic indicators point to a recovery of the economy. This quashes earlier fears of a "hard-landing".

Sheng Laiyun, spokesman of the National Bureau of Statistics made an upbeat forecast for the rest of the year.

"Besides improving external demand, we also had policies to speed up infrastructure construction, consumption, environmental protection and scrapping taxes of small and medium sized firms, they have been effective.We are confident that the economy is sustaining the positive momentum in the second half and confident of meeting the economic growth target."said Sheng Laiyun, spokesman of National Bureau of Statistics.

The statistics bureau is not alone in its assessment. Deutsche Bank Monday lifted its second half China GDP forecast to 7.7 percent from 7.6 percent. It cites increasing stockpiles, effective stimulus policies and warming property investment as the main reasons for the upgrade.

This projection follows July data which saw factory output growing at the fastest pace this year, and surprisingly strong trade numbers.

The spokesman also tried to ease concerns about China’s local government debt.

"Figures released in the first half of the year showed that 12 out of 36 monitored provinces and municipalities are witnessing shrinking debt in absolute terms. And debt in the rest 24 are increasing but at a slower pace. Debt conditions in China are improving. We have full confidence that China can put its debt risks under control."said Sheng.

China announces its formal purchasing managers’ index for August in a few days. It and other August data are expected to reinforce Monday’s confidence booster from the statistics bureau.

• China's current GDP growth rate within expectations
• 7.5% GDP growth 'in reach'
• China able to meet annual growth target: top economic planner
• Reckless projects undermine the prosperity hopes
• Debt crisis not a possibility
• Beijing GDP rises 7.7% in first half
• China's recent slowdown not hard landing: IMF expert

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