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Central bank: Q2 economy better than expected

A new report from China's Central Bank says the country's economy is recovering faster than expected in the second quarter. And it adds that investor confidence is on the rise.

central bank;China economy

A new report from China's Central Bank says the country's economy is recovering faster than expected in the second quarter.

The report was released by the Department of Research and Statistics of the People's Bank of China on Tuesday. It notes a much faster GDP growth in the second quarter, amid a stimulus-fueled surge in consumer spending and investment. Consumer prices fell more in the second quarter. And this gives banks less pressure to increase lending to factories. An economist at Renmin University predicts an even better economic performance during the rest of the year.

Wu Xiaoqiu, Director of Finance & Stocks Research Center of Renmin Univeristy said "The economy will recover faster than we expected, due to active fiscal spending and a relatively loose monetary policy. We thought an 8 percent annual growth was too high a target at the beginning of the year. Now that target looks completely achievable,judging by the economic trend."

And the central bank's report warns that a fully-fledged recovery is not yet firmly established, with various economic uncertainties both at home and abroad. At this critical economic turning point, macro-economic policies have to be kept consistent and predictable. And this will ensure a solid foundation for the economic recovery and a balanced growth.


 Source : CCTV   Editor: Ivy
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