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Institutions revise growth figures up on Q2 data

CCTV.com

07-17-2014 17:35 BJT

Many experts have said that 2014 may be a tough year for the Chinese economy. But with second quarter growth numbers slightly brighter and expectations of more mini-easing moves a number of economists have revised UP their forecasts for China.

The Chinese economy is coming back with a seven and half percent growth rate for the second quarter. Economists say the expansion is partly due to a flurry of targeted measures to boost growth, including railway expansion, tax cuts, and shantytown rebuilding.

Economists say the policy stance has helped China’s economic restructuring efforts, which aim to nurture growth drivers from domestic markets.

Goldman Sachs raised its China outlook in the second quarter to 7.5 percent after the pro-growth policies came out. Nomura Securities says development for the country’s third and fourth quarters could be 7.5 percent or higher. On an annual basis, Barclays upped China’s growth to 7.4 percent from 7.2 percent, and Societe Generale revised China’s expansion from 6.9 percent to 7.1 percent.

Other experts say the Chinese government’s targeted measures since late April may continue to take effect, fueling further development.

The head of the International Monetary Fund -- Christine Largarde -- says China’s growth is encouraging as the new model is sustainable. She also says that the global recovery will take form in the second half of this year and accelerate in 2014.

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