SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

china.9.THMB.jpg J.P. Morgan lowers China GDP growth forecast

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 16 Jul, 2013
J.P. Morgan has revised down its estimate on China's 2013 year-on-year economic growth rate from 7.6 percent to 7.4 percent, lower than the government's official target of 7.5 percent.The 2014 gross domestic product (GDP) growth has now been forecast at 7.2 percent year on year, down from the previous forecast of 7.7 percent, said Jing Ulrich, managing director and chairwoman of global markets, China at J.P. Morgan Monday.

The government has reiterated its improved tolerance toward the slowdown of GDP growth, she said at a press conference after the government announced its second-quarter GDP growth to be 7.5 percent year on year, reported Xinhua.

The official figure came down from the 7.7-percent growth logged in the first quarter, and it is also lower than last year's 7.8 percent, the lowest in 13 years.

Ulrich predicted the service sector and high-end manufacturing will be new growth engines and should boost the country's economic transformation.

The slowdown of GDP growth in the second quarter will not trigger a change in policy stances, said Haibin Zhu, J.P. Morgan China Chief Economist in an email statement.

The second-quarter GDP report suggests that the growth momentum seems to have bottomed out from the first-quarter disappointment; however, the improvement is only marginal, Zhu said.

"The new government made it clear that it is willing to tolerate slower growth for a better quality of growth...," he added.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter