Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/15/2013 (2 years ago)

Catholic Online (www.catholic.org)

Chinese authorities willing to accept slower pace of expansion

After several years of almost unimaginable economic growth in China, analysts say that authorities now seem ready to accept a slower pace of expansion. The nation's economic growth slowed in the April to June period, the second straight quarter of weaker expansion. In other words, one of the world's biggest economic powerhouses has slowed down to 7.5 percent as compared to 7.7 percent this same time last year.

The fall in demand from China has already had an impact on the prices of many commodities.

The fall in demand from China has already had an impact on the prices of many commodities.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/15/2013 (2 years ago)

Published in Business & Economics

Keywords: China, economic slowdown, global economy, trade


LOS ANGELES, CA (Catholic Online) - The figures were in line with analyst expectations, saying that weak trade data and actions by authorities reining in bank lending contributed to the slower growth.

"As of now, China's gross domestic product has been staying under 8 percent for five straight quarters, a clear sign of distress," economist Ren Xianfang from IHS Global Insight says. "The rather sharp growth deceleration and the recent financial market turmoil indicate that risks have been building on both the financial and real goods sector."

The government has set a target of 7.5 percent growth for the whole of 2013. This could translate to the lowest rate of expansion in more than two decades. Companies that sell to China may see revenues suffer. Nations such as Australia, Brazil and others in South East Asia have seen huge profits in recent years because of Chinese demand for natural resources.

In the meantime, the fall in demand from China has already had an impact on the prices of many commodities.

China's Finance Minister Lou Jiwei indicated last week that economic growth could be 7 percent for the year, and that this may not be the "bottom line." Xinhua news agency later corrected its report, saying Lou had said economic growth would be 7.5 percent, in line with government targets.

Some analysts are questioning whether China's growth rate might dip still further later in the year.

Other data released this week showed growth in factory output had slowed to 9.3 percent for the first half of the year, down 0.2 percent from the first three months of the year.

It is evident that China's economic growth is slowing, well below the monumental 10 percent average that the country has experienced for the last three decades. The pattern continues in the new headline figures which show GDP in the second quarter compared to what it was a year earlier.

China's National Bureau of Statistics has also published figures comparing with previous quarter. These figures showed growth of 1.7 percent in the second quarter, which would be about seven percent if it continued for a whole year. China's data are often criticized as unreliable.

The international community will have to get used to China growing at a more moderate, and perhaps more sustainable pace.

Growth in investment in factories and other fixed assets also eased. "Further deceleration is possible if reforms and stimulus measures are delayed," Alistair Chan of Moody's Analytics said in a report.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

U.S. hit with price hikes: Apartment rent, restaurant meals and haircut prices are up Watch

Image of Starbucks has increased the price of their coffee from around 5 cents to 20 cents per cup.

By Linky C. (NEWS CONSORTIUM)

Prices of restaurant meals, gym memberships, haircuts and even a cup of coffee are rising in America, as well as apartment rent. American consumers are beginning to feel the financial burden, as the inflation rates in the U.S. start to kick in. MUNTINLUPA, PHILIPPINES ... continue reading


Big name companies demand Planned Parenthood to remove names off list of corporate donors Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Representatives from Coca-Cola, Ford Motor Co. and Xerox openly state they've requested Planned Parenthood to take their company's names out as corporate donors to the controversial organization. MUNTINLUPA, PHILIPPINES (Catholic Online) - Planned Parenthood is now ... continue reading


Gun sales in the United States dramatically boost after massacre shootings Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

FBI's latest background check data shows the gun industry spiked in sales at about 11 percent last June. There are about 1.53 million background checks done, making it the busiest June ever since the agency started keeping track in 1999, according to CNN. The massive ... continue reading


Microsoft slammed for thousands of layoffs while demanding increase in immigration Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

About 7,800 Microsoft employees are in line to be fired, according to a company announcement last Wednesday. Most workers are from the seemingly failing mobile phone business, while Microsfot is said to fire a majority of Nokia's remaining employees ever since ... continue reading


Subway and Jared break up after controversial police raid at spokesman's home Watch

Image of Jared Fogle is known for his massive weight loss on a

By Nikky Andres (NEWS CONSORTIUM)

Subway spokesman, Jared Fogle's house was raided by FBI agents and Indiana State Police, two months after the former executive director of Fogle's foundation was arrested with charges of child pornography. MUNTINLUPA, PHILIPPINES (Catholic Online) - In their statement, ... continue reading


'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Leviticus 23:1, 4-11, 15-16, 27, 34-37
1 Yahweh spoke to Moses and said:4 "These ... Read More

Psalm, Psalms 81:3-4, 5-6, 10-11
3 blow the trumpet for the new month, for the full ... Read More

Gospel, Matthew 13:54-58
54 and, coming to his home town, he taught the people ... Read More

Saint of the Day

Saint of the Day for July 31st, 2015 Image

St. Ignatius Loyola
July 31: St. Ignatius was born in the family castle in Guipķzcoa, Spain, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter