- CNTV English - CCTV News

Homepage > News > Biz >

China's economy likely to see slowdown, not double dip: central bank

07-28-2010 08:45 BJT

BEIJING, July 27 (Xinhua) -- The People's Bank of China (PBOC), the central bank, said Tuesday that while it is possible for China's economic growth to slow, the chance for a "double dip" is seen as slim.

Current economic development has revealed signs of a slowdown in the country's growth, though the economic fundamentals remain strong, the central bank said in a report posted on its website.

PBOC made this judgment based upon the purchasing managers' index for the country's manufacturing sector remaining above the boom-bust line of 50 percent, although the pace of the increase has decelerated. Also, investment and retail sales continue to show strong growth, plus the global economy is improving.

Further, the European sovereign debt crisis is not expected to have a large impact on China's economy, it said.

The country's gross domestic product increased 10.3 percent year on year in the second quarter of this year, slower than the 11.9-percent growth in the first quarter and 10.7-percent expansion in the last quarter of 2009.

The PBOC report said the current slowdown in China's GDP growth was a correction following the earlier excessive expansion and also a result of the government's macro regulations that aimed at curbing steep property price increases, easing local government debt risks and avoiding possible inflation.

"It is good for rebalancing the economic structure and achieving a sustainable economic growth," the report wrote.

The central bank said the country's new bank lending would be within the 7.5-trillion-yuan (1.1 trillion U.S. dollars) target in 2010 if the increase is maintained at the June level.

China's new yuan-denominated loans for the first half of the year reached 4.63 trillion yuan, down by 2.74 trillion yuan compared with the same period last year.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program