China’s Efforts to Tame Growth Are Succeeding
From the New York Times:
China’s economy has slowed from its blistering growth earlier this year after the government took measures to ward off inflation and rein in a runaway property market, government data released on Thursday showed.
The country’s gross domestic product rose 10.3 percent in the second quarter, compared with an increase of 11.9 percent during the first quarter.
Li-gang Liu, China economist at ANZ in Hong Kong, said the data showed that China was still charging ahead at a more reasonable rate. “We think there is still a lot of heavy lifting for monetary policy makers and inflation has not peaked,” he said. “But the monetary tightening policy so far has had the intended result.”
China’s industrial output for June also signaled tempered growth. Production rose 13.7 percent last month compared with the same month last year. That was down from a 16.5 percent increase in May over May 2009.