January 12, 2013 |
BEIJING - China's coldest winter in nearly three decades sent vegetable prices soaring and drove inflation to a seven-month high in December. Consumer prices rose 2.5% from December a year earlier, China's National Bureau of Statistics said Friday, up from 2% year-over-year growth in November. A key reason for concern is that rising inflation could restrict China's ability to stimulate growth if its tepid recovery loses momentum. Higher food prices also worry the Chinese government because discontent rises when poorer people have to pay a bigger share of their income on food.
November 9, 2012 |
BEIJING -- The Chinese economy was deluged with promising news Friday after officials released October data that showed consumer price inflation slowing to its weakest pace in three years and industrial production and investment stabilizing. The positive indicators come days before China unveils its new Communist Party rulers during a once-a-decade power transition. The country's previously overheated economy has slowed for seven consecutive quarters, heightening pressure on the central government to expedite badly needed reforms.
August 3, 2012 |
YUEQING, China - A shipbuilding boom raised the fortunes of this hardscrabble industrial port. Five-star hotels sprouted along with machinery depots and metal shops. European luxury cars darted past heavy trucks on the bustling streets. But in another sign ofChina'seconomic slowdown, shipyards are now closing and half-finished vessels lie rusting in the humid haze. Prosperity is receding like the tide. Thousands of laborers have lost their jobs. Liu Danyin, a compact man with bulging forearms, found so much work in the region's shipyards over the last decade that he built a new home for his family hundreds of miles away in the countryside.
July 10, 2012 |
BEIJING - China's economy appears to be weakening more rapidly than official statistics would suggest, raising fears of a painful slowdown that could be felt around the globe. Second-quarter gross domestic product statistics to be released this week are expected to show growth of around 7.5% compared with the same period last year, according to analysts' estimates. That would be the slowest pace since the depths of the global financial crisis. But government data are widely believed to understate the extent of China's woes.
March 5, 2012 |
China has lowered its official growth target for 2012, sending the clearest message yet that the world's second-largest economy isn't likely to keep expanding at its previous steroid-charged pace. Speaking to about 3,000 delegates Monday at the annual meeting of the National People's Congress in Beijing, Premier Wen Jiabao said China would cut its annual gross domestic product growth target for the first time in eight years, to 7.5% annual growth from 8%, to make the country's economy more "sustainable and efficient.
January 18, 2012 |
China's economy grew at its slowest pace in 21/2 years in the final three months of 2011, weighed down by shrinking exports, tighter bank lending and a cooling real estate market. The country's gross domestic product expanded at an annual rate of 8.9% in the fourth quarter of 2011, compared with 9.8% in the year-earlier period, China's National Bureau of Statistics said Tuesday. For the year, the world's second-largest economy expanded 9.2%, down from 10.4% in 2010. Although still strong compared with that of other major economies, China's economic growth is slowing uncomfortably fast for the country's leadership.