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July data signal more positive changes in China's economy

(Xinhua)
Updated: 2009-08-11 23:03

As a result, the macro-economic policy orientation should remain unchanged, Song said.

China's economy grew only 7.1 percent in the first half this year. This compared with double-digit annual growth during the 2003-2007 period and also the first two quarters last year.

The government set an annual target of 8 percent for this year's economic growth, which was said essential for expanding employment.

China unveiled a four-trillion-yuan ($584.8 billion) stimulus package and adopted proactive fiscal policy and moderately loose monetary policy to expand domestic demand, hoping increases in investment and consumption would make up for losses from ailing exports.

To stimulate economy, lenders pumped 7.73 trillion yuan of new loans into the economy in the first seven months, the People's Bank of China, the central bank, said Tuesday.

The surge in credit, however, sparked concerns over possible inflation and speculation about a shift in the country's monetary policy.

Economists dispelled such concerns, saying consumer prices were still falling and the growth in new bank loans eased in July.

The consumer price index (CPI), a main gauge of inflation, dipped 1.8 percent in July from a year earlier. The producer price index (PPI), which measures inflation at the wholesale level, fell 8.2 percent year on year last month.

New lending in July cooled to 355.9 billion yuan, less than a quarter of the June total of more than 1.5 trillion yuan.

Premier Wen Jiabao reaffirmed during the weekend that China would unwaveringly adhere to its proactive fiscal and moderate monetary policies in face of economic difficulties and challenges, like ailing exports and industrial overcapacity.

Wen's stance echoed Zhu Zhixin, vice minister in charge of the NDRC, who underscored on Friday that there would be no change in China's macro-economic policy as the overseas market was still severe.

He warned that any change in the macro-economic policy would disturb the recovery or rebound momentum, or even perish the previous efforts and achievements.

"Efforts to keep a stable and fast economic development is the top priority of the country in the second half," he said.

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