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Macroeconomics  |  August 16, 2012 13:38:00

The Chinese economy is under pressure, Wen warned

The Chinese economy is facing major headwinds, though lower inflation gives more room for monetary policy management, state media quoted Premier Wen Jiabao speech. His comments followed macrodata published last week that despite the double reduction of interest rates does not indicate stabilization of the Chinese economy. Growth in exports, industrial production and retail sales slowed again in July. Investors fear that the world's second largest economy this year recorded the slowest growth rate since 1999.The central bank this year is likely to once again cut interest rates by 25 basis points.

"The pressure on our economy is still very difficult and may take some time," the prime minister said on Tuesday during a two-day visit to the coastal province of Zhejiang, where he met with representatives of domestic and foreign companies. The current situation in China is complicated by political wrangling before the transfer of authority to the communist leaders under the age of ten years.The election of the prime minister and other government officials will run from October until early next year. Expected therefore that the outgoing government will now deal with the fiscal stimulus and recovery in domestic demand.

In the second quarter economic growth slowed from 8.1% to 7.6% and was the weakest since Q1 2009th Slowed growth in household consumption, investment, exports and imports. In March, the government reduced the growth target of 0.5% to 7.5%, due to the slow recovery in the U.S. and the worsening economic situation in the euro zone's largest trading partnerOf China.

Ministry of Commerce announced on Thursday that foreign direct investment in July fell by 8.7% to $ 7.58 billion and the first seven months of this year fell by 3.6% to $ 66.67 billion

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