This text is translated into Russian by google automatic human level neural machine.
EastRussia is not responsible for any mistakes in the translated text. Sorry for the inconvinience.
Please refer to the text in Russian as a source.

China's economy grew 2014 percent in first quarter 7,4 percent

According to the IA Xinhua - State Information Center / GIZ / China today published a forecast that in the second quarter of this year, the growth of the Chinese economy will be 7,4 percent. and there will be a downward trend in economic growth and increased financial risks.

In a report published Monday in the newspaper Zhongguo Zhengquanbao / Securities /, the GIC, which belongs to the State Development and Reform Committee, notes that the slowdown in the Chinese economy is mainly a result of deepening reforms and adjusting the economic structure.

"Economic growth is in moderate limits," the center said in a statement.

In the first quarter, the growth of the Chinese economy was 7,4 percent, which was the lowest quarterly growth since the third quarter, 2012.

GIC predicts that in the second quarter in the country will continue the current trend of economic development.

This center notes that the risks associated with the real estate market and local government debt, as well as overproduction are the main threats to financial stability in the country.

After strong growth in recent years, China's overheated property market is now showing more signs of cooling. Some cities, such as Hangzhou and Shanghai, have even recorded declines in house prices in order to stimulate sales.

"Changes in market expectations and the real estate industry's adjustment are likely to lead to systematic risks that will affect real estate-related industries, as well as financial and economic stability," the center warned.

The GIC in the report recommended that the Chinese government pursue an active financial policy and balanced monetary policy.

If necessary, China should reduce the percentage of deductions to the reserve fund for bank deposits, the GIC said.

January 22: current information on coronavirus in the Far East
Digest of regional events and latest statistics