Times of Oman
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
China finance minister sees 7 percent 2013 growth
July 12, 2013 , 12 : 02 pm GST
SAVE THIS ARTICLE
Chinese Minister of Finance Lou Jiwei. Photo - AFP
China's finance minister has said he expects the nation's economy to grow seven percent this year, raising questions about whether it can achieve the official 7.5 percent target set four months ago.
"Our expected GDP growth rate this year is seven percent," Lou Jiwei told reporters on the sidelines of an annual strategic and economic dialogue between China and the United States in Washington on Thursday.
"Of course, it won't be a big problem for us if we achieve growth of seven percent or 6.5 percent."
His comments come as growth in the Asian powerhouse -- the second-largest economy in the world -- shows signs of slowing down and could indicate its leaders are prepared to tolerate much weaker expansion.
China's official 7.5 percent growth target was announced at a Communist Party parliamentary meeting in March. The goal is normally declared conservatively, so that it is regularly exceeded in practice.
But Lou's remarks come as worries mount over China's growth prospects following a slew of weak data on manufacturing and exports.
China is due to announce gross domestic (GDP) product figures for the second quarter on Monday. The median forecast in a survey of 10 economists by AFP was for GDP growth of 7.5 percent.
"As for the first half of this year, the figures will be released in a few days and we think it will be slightly lower than 7.7 percent but not far from it," said Lou.
He was speaking after Premier Li Keqiang indicated the government might take steps to support the economy as he was reported to have emphasised the importance of stabilising growth and preventing it slipping below the "lower limit".
China's economy grew 7.8 percent in 2012, racking up its worst performance in 13 years. Despite optimism that this year would be better, first-quarter growth slowed to 7.7 percent.
Leaders have stated they want to wean the country off reliance on exports and investments as growth drivers for the economy and make domestic demand the primary engine in a bid to help consumers enjoy the fruits of the country's decades of strong expansion.
Rate this Article
Rates : 0, Average : 0
Latest in this section
No change in Opec’s crude output target
Oman posts robust growth
News In Brief as on December 5
Global drive to lure investors to Sohar free zone
Nawras’ capital expenditure seen at OMR200m
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter ImageText here:
No Comments Posted
TOP RATED ARTICLES
Parking in slots for disabled? Beware
Fahad Al Mukrashi
India lifts anti-dumping duty on Oman’s polypropylene export
Filipino expats in Oman raise funds for Haiyan victims
Times News Service
‘Sohar Port meets pollution norms’
Fahad Al Mukrashi
Two sentenced to jail in Sohar for corruption
More in News
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
Indonesia's illegal dentists bite back after ban
Albanian cannabis fiefdom at heart of European traffic
Asia's animators draw inspiration from Miyazaki
Splash 'Forever More'
Times News Service
More in Features
Of Middle East and the Arab winter
France ill at ease with US policy shift in M-E
The harsh reality of mass migration from Syria
Blind obsession with celebrities
Jayanta G Borpujari
Sisi is making Egypt a dangerous place
More in Columns
Get Top news by E-mail.
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial