adminChinese Premier Wen Jiabao said this week that stabilising growth was a “top priority”, after inflation and trade figures were released indicating a slowdown in the world’s second-biggest economy.
Yu Bin, an economist working for the State Council, or cabinet, said China would be able to achieve the stabilisation goal, helped by government revival measures and an expected improvement in global conditions.
“The growth rate dropped in the first and second quarters but will stabilise in the third and fourth quarters,” Yu told reporters.
He said growth this year would likely reach 8 percent — higher than the official target of 7,5 percent.
Yu predicted growth in the three months through June was around 8 percent.
The second-quarter growth figures are due to be officially released today.
China’s economy grew an annual 8,1 percent in the first quarter of 2012 — its slowest pace in nearly three years.
To help turn around the slowdown, the government last week cut interest rates for the second time in a month.
The government has also slashed reserve requirements — the amount of money banks must hold in reserve — three times since December and speeded up approval of infrastructure projects. — AFP.
Online Reporter