China Economy Could Slow

A recent posting on the National Bureau of Statistics of China (NBS) website said that their economy may not keep its upward  momentum as a result of slower industrial output growth and weakening overseas demand, Xinhua News (China). 

Deputy head of the NBS, Xie Hongguang, said uncertainties for China’s economic growth still existed, “We should raise our awareness and pay more attention to economic problems,” Hongguang said.  “China raised prices for refined oil products and electricity.  Meanwhile, prices for large scale commodities were still increasing, which all contributed to high inflation.”

The country’s gross domestic product stood at USD $900 billion in the first quarter, up 10.6% year-on-year.  However, the growth rate was 1.1% lower than a year earlier.  Exports in the first five months rose 22.9% to $545.1 billion, but the growth rate was 4.9% lower than a year earlier. 
Exports of energy-intensive products, such as steel and steel slabs, dropped 20.8% and 96.9%, respectively.