China Finance Minister Sees FY13 GDP Growth Below Prior Expectations
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Though China might not be experiencing the same level of economic growth it once was, global markets shouldn't worry.
China's Finance Minister Lou Jiwei said Thursday at the U.S.-China Strategic and Economic Dialogue (UCSED) in Washington that growth might be less than previously forecast this year and the country could sustain further growth at a rate of 6.5 percent in the future.
China set a growth goal of 7 percent in March 2013, but Lou thinks that number might be closer to 7 percent for the year. Growth in first-quarter 2013 for China was 7.7 percent, which was lower than estimates.
Lou said,
Comments come as Chinese Premier Li Keqiang is focusing more on a policy to support growth in the economy, which has slumped to its lowest rate in 23 years.
The next report out of China will be second-quarter GDP on July 15th. Current estimates are calling for a read of 7.5 percent and expect first-half expansion below 7.7 percent.
Ahead of the opening bell Friday, U.S. markets are indicated higher.
China's Finance Minister Lou Jiwei said Thursday at the U.S.-China Strategic and Economic Dialogue (UCSED) in Washington that growth might be less than previously forecast this year and the country could sustain further growth at a rate of 6.5 percent in the future.
China set a growth goal of 7 percent in March 2013, but Lou thinks that number might be closer to 7 percent for the year. Growth in first-quarter 2013 for China was 7.7 percent, which was lower than estimates.
Lou said,
The contribution of consumption to GDP growth has increased, the proportion of service sector to GDP has also enhanced, the ratio of current account surplus of GDP has dropped, employment situation is good, and CPI is not high.
Comments come as Chinese Premier Li Keqiang is focusing more on a policy to support growth in the economy, which has slumped to its lowest rate in 23 years.
The next report out of China will be second-quarter GDP on July 15th. Current estimates are calling for a read of 7.5 percent and expect first-half expansion below 7.7 percent.
Ahead of the opening bell Friday, U.S. markets are indicated higher.
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