CHINA'S ECONOMIC GROWTH STILL RESPECTABLE, SAYS WB
China Daily, June 12, 2009
China's economic growth has remained respectable amid a difficult global environment, but it is still too early to say if the economy has really bottomed out, according to Louis Kuijs, senior economist, World Bank.
Kuijs noted that given the subdued prospects for the world economy, "more data is needed" to prove that China's current economic recovery is for real.
"With world demand weak and a lot of spare capacity available globally and also in China, there is a lot of downward pressure on manufacturing output," he told the spring membership meeting of the Institute of International Finance in Beijing on Wednesday.
China's economic growth hit a 10-year low of 6.1 percent in the first quarter, while the export sector, the key engine for economic growth, has not shown much signs of stabilization after slumping by 20.5 percent in the first four months. These could shave off two or even more percentage points of China's GDP growth, said Kuijs. China's growth is hardly different from the world, he said, given that the country's economy is more integrated into the world economy than many other major emerging markets.
China Daily, June 12, 2009
China's economic growth has remained respectable amid a difficult global environment, but it is still too early to say if the economy has really bottomed out, according to Louis Kuijs, senior economist, World Bank.
Kuijs noted that given the subdued prospects for the world economy, "more data is needed" to prove that China's current economic recovery is for real.
"With world demand weak and a lot of spare capacity available globally and also in China, there is a lot of downward pressure on manufacturing output," he told the spring membership meeting of the Institute of International Finance in Beijing on Wednesday.
China's economic growth hit a 10-year low of 6.1 percent in the first quarter, while the export sector, the key engine for economic growth, has not shown much signs of stabilization after slumping by 20.5 percent in the first four months. These could shave off two or even more percentage points of China's GDP growth, said Kuijs. China's growth is hardly different from the world, he said, given that the country's economy is more integrated into the world economy than many other major emerging markets.
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