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Global demand is expected to pose the biggest uncertainty to China's economic development in the second half.
Citic securities says China's exports will grow over 34 percent in August. That's based on an easing European debt crisis and steady recovery in the US. Guodu securities is pessimistic about China's exports. It says rising labour costs and more expensive raw materials are taking a toll. It adds that if the yuan appreciates too fast, China's exports may encounter difficulties.
Nomura securities is a little more optimistic. It suggests China should pay attention to changes in the U.S. industrial structure. In particular, it predicts the U.S. service and manufacturing sectors will be growth spots for Chinese exports.