China’s economic growth accelerated to 7.9 per cent from a year earlier in the second quarter amid a stimulus-fuelled surge in consumer spending, factory output and investment, the government reported Thursday.
The growth rate for the world’s third-largest economy was up from the previous quarter’s 6.1 per cent, the National Bureau of Statistics reported. The government’s growth target for this year is eight per cent.
“The data showed the economic recovery is stronger than expected,” said Zhu Jianfang, chief economist for Citic Securities Ltd. “There will be no suspense about achieving the government’s goal of eight per cent GDP growth this year.”
Many analysts expect China to be the first major country to emerge from the worst global economic slump since the 1930s.
Recovery ‘not stable’
A National Bureau of Statistics spokesman warned, however, that a full-fledged recovery still is not firmly established.
“The difficulties and challenges in the current economic development are still numerous,” said spokesman Li Xiaochao at a news conference. “The basis of the rebound of the people’s economy is not stable.”
Consumer prices in June fell 1.7 per cent from a year earlier, the agency said, giving Beijing a freer hand to carry out its four trillion yuan ($656 billion US) stimulus without a danger of adding to pressure for prices to rise.
The International Monetary Fund earlier this month raised its forecast of China’s 2009 growth by one percentage point to 7.5 per cent, following the World Bank’s hike in its own forecast last month from 6.5 per cent to 7.2 per cent.
Public works investment
The government is trying to insulate China from the global downturn by pumping money into the economy through higher spending on public works construction.
Industrial output rose 10.7 per cent in June from a year earlier, faster than May’s 8.9 per cent growth, the statistics agency said.
It said retail sales rose 15 per cent in the first half from a year earlier, while first-half spending on factories and other fixed assets was up 33.5 per cent.
Li said Beijing is closely watching prices to make sure its stimulus and a boom in bank lending and investment do not ignite inflation.
“There are still quite a lot of uncertainties,” the spokesman said. “We should remain watchful about changes in prices.”
Tags: Chinese economy, consumer spending, inflation, National Bureau of Statistics
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