Beijing – China’s economy has stabilized according to official figures. As in the first quarter of this year, gross domestic product (GDP) of the country also grew in the past three months by 7 percent.
This was announced by the Bureau of Statistics in Beijing With. Analysts had previously expected a slightly weaker value of 6.9 percent.
“China is increasingly losing its cost advantage, because wages are rising. Therefore, foreign companies migrate their factories abroad from, “said the Beijing economics professor He Xiaoyu Deutsche Presse-Agentur. The problem the high overcapacity of the SOEs and the strict anti-corruption campaign in Beijing, the parts of the economy are still crippling.
The latest data for June, however, a glimmer of hope: Retail sales rose sharply by 10.6 percent. Industrial production grew by almost 7 percent. “It is quite possible that the economy until the end of the year continues to attract,” He. Said
Other experts expressed less confident. They believe the real economic growth is already clearly fallen below the official figures distributed on 5 or 6 percent.
Prime Minister Li Keqiang had for this year a growth target of around 7 percent output – which has now been met for the second time with pinpoint accuracy. However, this is a very small brand by Chinese standards. Last year, the country had recorded 7.4 percent growth the weakest in 24 years. Previously, the economy was mostly double-digit growth.
China’s growth model must be placed on a new foundation, said a spokesman for the Bureau of Statistics. The government wants to put the economy on a more sustainable course. Domestic consumption should be strengthened and the export dependency can be reduced.
In May China’s State Council had introduced new industrial plans for this purpose. The program, entitled “Made in China 2025″ to ensure that the economy of the People’s Republic is radically modernized. The country wants to convert within the next ten years from the workbench of the world to an innovative industry.
had the stock market turmoil of recent weeks, according to analysts so far little effect on growth. After a steep rise over the past year, the stock markets had collapsed in mid-June suddenly by more than one third. Due to massive relief efforts of government, markets have however stabilized again for a few days.
Data from the Statistical Office
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