ID :
194698
Wed, 07/13/2011 - 06:53
Auther :
Shortlink :
https://oananews.org//node/194698
The shortlink copeid
China's economic growth slows to 9.5 pct in Q2
(ATTN: ADDS more info in paras 3, 6-7, 10)
By Kim Young-gyo
HONG KONG, July 13 (Yonhap) - China's economic growth slowed in the second quarter of the year from three months earlier, the statistical agency said Wednesday, amid the country's continuous monetary tightening.
The country's gross domestic product (GDP) grew 9.5 percent on-year in the April-June period, down from the 9.7 percent expansion recorded in the first quarter of 2011, the National Bureau of Statistics said.
In the first six months of this year, the world's second-largest economy expanded 9.6 percent, compared with the 10.3 percent increase a year earlier.
The Chinese economy, the second-largest in the world, is forecast to grow around 9 percent this year, down from a 10.3 percent expansion a year earlier. Beijing, however, is targeting the 8 percent range to contain the growth rate.
Monetary tightening in China has raised fears in the market that it could undermine the country's economy, which has been seen as a growth engine for the global economy.
The Chinese government dismissed such fears. "China only faces a small risk of a drastic slowdown in growth," Sheng Laiyun, spokesman for the Chinese statistics agency, said in a statement.
"In the first year of the nation's 12th five-year plan, the investment momentum of local governments is strong and the nation is still at the stage of rapid urbanization and industrialization."
China recently faced the country's worst inflationary pressures triggered by excessive liquidity and an overheated economy.
The National Bureau of Statistics said China's consumer price index (CPI), the main gauge of inflation, rose 5.4 percent year-on-year in the first half of this year.
The Chinese government has started to roll back the stimulus package it introduced during the global financial crisis, while the central bank raised the benchmark interest rate for the third time this year.
ygkim@yna.co.kr
(END)
By Kim Young-gyo
HONG KONG, July 13 (Yonhap) - China's economic growth slowed in the second quarter of the year from three months earlier, the statistical agency said Wednesday, amid the country's continuous monetary tightening.
The country's gross domestic product (GDP) grew 9.5 percent on-year in the April-June period, down from the 9.7 percent expansion recorded in the first quarter of 2011, the National Bureau of Statistics said.
In the first six months of this year, the world's second-largest economy expanded 9.6 percent, compared with the 10.3 percent increase a year earlier.
The Chinese economy, the second-largest in the world, is forecast to grow around 9 percent this year, down from a 10.3 percent expansion a year earlier. Beijing, however, is targeting the 8 percent range to contain the growth rate.
Monetary tightening in China has raised fears in the market that it could undermine the country's economy, which has been seen as a growth engine for the global economy.
The Chinese government dismissed such fears. "China only faces a small risk of a drastic slowdown in growth," Sheng Laiyun, spokesman for the Chinese statistics agency, said in a statement.
"In the first year of the nation's 12th five-year plan, the investment momentum of local governments is strong and the nation is still at the stage of rapid urbanization and industrialization."
China recently faced the country's worst inflationary pressures triggered by excessive liquidity and an overheated economy.
The National Bureau of Statistics said China's consumer price index (CPI), the main gauge of inflation, rose 5.4 percent year-on-year in the first half of this year.
The Chinese government has started to roll back the stimulus package it introduced during the global financial crisis, while the central bank raised the benchmark interest rate for the third time this year.
ygkim@yna.co.kr
(END)
