Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Transition boosts China economy
Published in The Saudi Gazette on 10 - 11 - 2012

BEIJING – China released a slew of figures Friday showing growth of the world's number-two economy gaining pace, as the Communist Party meets to anoint new leaders tasked with sustaining the country's economic miracle.
The statistics bureau said output at the millions of factories, workshops and mines rose 9.6 percent year-on-year in October, from 9.2 percent in September, indicating the country is emerging from a slumber that has also dragged on the global economy.
Retail sales, the main measure of consumer spending, rose 14.5 percent year-on-year in October, from 14.2 percent in September, while fixed-asset investment, a key gauge of infrastructure spending, rose 20.7 percent in the first 10 months of 2012, from 20.5 percent in January-September.
China's consumer price index, the main measure of inflation, slipped to a near three-year-low 1.7 percent in October, the sixth month out of the past seven it has slowed, giving lawmakers a little more room to loosen monetary policy.
The news came as other figures released Friday by the bureau — including retail sales, fixed asset investment and inflation — also showed an improvement.
The data add to signs that China's economy is rebounding after growth slowed for seven straight quarters, hitting 7.4 percent in the three months through September, its weakest performance in more than three years.
“What a lovely dataset to welcome in China's new set of leaders,” IHS Global Insight economists Ren Xianfang and Alistair Thornton wrote in a research note Friday after the data release.
“The stabilization looks to be on firmer ground.”
Ren and Thornton partially attributed the recent encouraging performance to aggressive central bank monetary support via net liquidity injections to bolster the economy ahead of the country's once-in-a-decade leadership transition, which began Thursday.
“The government could not risk a downside shock this month, and it appears their strategy to bolster growth has gained traction over the past couple of months,” said Ren and Thornton.
Chinese President Hu Jintao in a speech Thursday to open the pivotal Communist Party Congress called for economic reform to boost domestic consumption in a bid to create a new growth model for the country's economy.
But he also insisted on the primacy of the party-led state sector, which has traditionally been and continues to be a major player in the country's economy despite decades of increasing openness.
Hu signaled continued state involvement in the economy was needed, especially in sectors that comprise the lifeline of the economy and are vital to national security. He told delegates at the congress in Beijing that the government's role and influence in the economy should be increased.
While the October figures will give Beijing room to loosen monetary policy they have actually reduced the urgency for such a move, with analysts saying they will likely provide impetus to stimulate consumer spending.
“The data provided fresh evidence of an economic recovery, so the government will likely continue with its current fiscal and monetary policies and there's no need to step up efforts,” Liao Qun, Hong Kong-based economist at CITIC Bank International, said. — Agencies


Clic here to read the story from its source.