China's economic slowdown has bottomed out: Economic Planner

Last Updated: Saturday, November 10, 2012 - 20:01

Beijing: The slowdown witnessed in the Chinese economy for seven straight quarters has been halted and its economic growth would meet the 7.5 percent target set for this year, a top economic planner said on Saturday.

Painting a brighter picture for the Chinese economy amidst the country's leadership transition, Zhang Ping, head of the National Development and Reform Commission (NDRC) said GDP would exceed 7.5 set for this year.

This is despite the growth dipping to 7.4 percent in Q4, he said.

"We have full confidence in achieving the growth rate, as the economy is showing more signs of stabilising," he said.

Zhang was speaking on the sidelines on the third day of the week-long Communist Party Congress convened to select new set of leaders to replace President Hu Jintao, Premier Wen Jiabao and others who are set to retire after a decade long stint in power.

The Chinese government had earlier scaled down its GDP growth target to 7.5 percent for 2012 following the slowdown.

Zhang said it is necessary for China to maintain an appropriate pace of economic growth as it has the world highest population at 1.3 billion.

While keeping the macroeconomic policies stable, the Chinese government has launched pre-emptive fine-tuning of policies and adopted targeted measures to stabilise the economy, Zhang said.

Latest indicators on industrial output growth, retail sales and exports showed those measures have helped stabilise and improve the economy, state run Xinhua news agency quoted him to say.


First Published: Saturday, November 10, 2012 - 19:57

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