China’s growth at its three year lowJuly 13th, 2012 - 12:19 pm ICT by IANS
Beijing, July 13 (IANS) Chinese economy has recorded the lowest growth since 2009, amid concerns over slowdown of the world’s second-largest economy.
China’s economy reported 7.6 percent of growth in the second quarter (April 1 to June 30), the lowest since the first quarter (Jan 1 to March 31) of 2009 when the global financial crisis was rampant, China Daily reported Friday.
According to the National Bureau of Statistics in the first half, the country’s economy grew by 7.8 percent to 22.71 trillion yuan (about $3.50 trllion). The growth in the first quarter was 8.1 percent.
This happens to be the lowest growth in the last 13 quarters.
This year China’s foreign trade and investment and manufacturing have been slowing down, the daily said.
Also, China’s central bank has cut the interest rates twice this year in a bid to stabilise the growth.
Chinese Premier Wen Jiabao has also vowed to maintain a stable economy in recent times on various occasions.
According to Leo Abruzzese, global forecasting director at the Economist Intelligence Unit which conducts extensive research on China’s economy, the Chinese government is trying to slow down the economy.
It is also a way to cope with the global economy when the US and Europe are experiencing financial problems, says Abruzzese.
“If the (Chinese) government were to stimulate the economy hugely the way it did a few years ago, that probably would be the worst thing they could do,” said Abruzzese, who thinks stimulus should be done moderately.
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