CHINA REBALANCING

CHINA WELL ON WAY TO MORE BALANCED ECONOMY: ANALYSTS

Xinhua

Global Times, July 22, 2012

China's economic growth is expected to rebound in the second half of 2012 and the country is well on the way to achieving more balanced growth, according to analysts in Kuala Lumpur.

China's National Bureau of Statistics said earlier this month the nation's gross domestic product (GDP) grew 7.6 percent in the second quarter, the lowest growth since the second quarter of 2009.

However, analysts said the dip was expected and China's economy was likely to grow at a faster pace in the second half of the year, voicing confidence in China's economy.

Prasenjit Kumar Basu, an economist at leading Malaysian investment bank Maybank Kim Eng, said China's economic growth had rebounded since April.

"For China, it is important to consider the monthly data, which suggest that the economy reached its cyclical trough in April 2012, and began a modest recovery in the subsequent two months," he told Xinhua in a recent interview.

In a report published after the announcement of the second quarter GDP data, Basu said the impact of a strong rebound in bank lending in May and June as well as the additional policy rate cut by the central bank might be seen during the rest of the year.

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