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            october 23, 2019

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China quarterly GDP up 7.4pc


China's economy expanded by 7.4 per cent in the first quarter, but it is slowed down from the 7.7 per cent growth in the final quarter of last year, according to Shipping Gazette.
Last year, China set its growth target for 2014 at 7.5 per cent, part of efforts to stabilise the economy after years of fast-paced expansion.
Industrial output increased 8.8 per cent in March from one year ago. Retail sales for the month of March were up 12.2 per cent, underscoring China's efforts to boost economic growth via domestic consumption, said BBC News.
China's leaders have said they will tolerate slower growth while they push through major economic reforms, designed to create new, better-paying jobs.
The leadership wants to see more domestic consumption to create more sustainable growth over the long-term. It wants the private sector to play a bigger role.
Beijing has announced mini-stimulus measure to prop up flagging growth, but ruled out massive stimulus which jolted China's economy back to life following the global financial crisis.
A mini-stimulus measure announced earlier this month will see Beijing extending a tax break for small and medium-sized companies, and ramping up spending on China's railway infrastructure.
And in January, China launched a free-trade zone in Shanghai, seen as a test bed for reforms in key areas of the economy, such as the financial and telecom sectors which previously were tightly controlled by the government.

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