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Chinese Premier: Growth on Track

China’s Premier, Wen Jiabao, has told the World Economic Forum in Tianjin that his country is on track to hit growth targets for this year.

He also called on international leaders to strengthen co-ordination and oppose trade protectionism during the global economic slowdown.

His address comes amid signs that China’s economy may be slowing faster than previously thought.

Manufacturing and export growth have slowed, while imports have dipped.

This has raised concerns about a decline in both external and domestic demand, in turn sparking fears that Beijing may miss its growth target for 2012.

But Mr Wen said: “We are fully confident that we have the conditions and capability to overcome difficulties on the way ahead, maintain fast and stable economic growth and realise development at a higher level and with better quality.

“The economic growth is still within the target range set at the beginning of the year and is showing stabilising signs despite the slowdown.”

The government set a growth target of 7.5% for 2012.

via BBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza