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12 Jul 2013
Flash: Chinese growth questioned after FinMin comments - Nomura
FXstreet.com (Barcelona) - Nomura economist Zhiwei Zhang notes that comments from the Chinese Finance Minister have thrown GDP growth assumptions into question.
He begins by noting that the Minister of Finance, Lou Jiwei is reported by Bloomberg, to have commented at a post Strategic Economic Dialogue press conference yesterday, that “he‟s confident in achieving a 7% growth rate this year.” Zhang notes that this is lower than the government‟s official growth target of 7.5%. He writes, “While we cannot verify if that is what Minister Lou meant, it seems unlikely to us as the 7.5% was approved just four months ago at the National People‟s Congress (NPC). Furthermore, Premier Li Keqiang has referenced the country‟s economic targets on several occasions in recent months with no mention of any revision of targets.”
He begins by noting that the Minister of Finance, Lou Jiwei is reported by Bloomberg, to have commented at a post Strategic Economic Dialogue press conference yesterday, that “he‟s confident in achieving a 7% growth rate this year.” Zhang notes that this is lower than the government‟s official growth target of 7.5%. He writes, “While we cannot verify if that is what Minister Lou meant, it seems unlikely to us as the 7.5% was approved just four months ago at the National People‟s Congress (NPC). Furthermore, Premier Li Keqiang has referenced the country‟s economic targets on several occasions in recent months with no mention of any revision of targets.”