China Economic Update, June 2014

Chinas economic growth is gradually slowing as the structural transformation of the economy continues. Output grew by 7.7 percent in 2013, matching its 2012 growth rate and exceeding the governments 7.5 percent indicative target. In recent months e...

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Bibliographic Details
Main Authors:	Smits, Karlis, Hu, Bingjie, Luo, Binglie, Ollero, Tony, Vashakmadze, Ekaterine, Rohland, Klaus, Shetty, Sudhir, Hoftman, Bert, Goh, Chorching
Format:	Report
Language:	English en_US
Published:	World Bank, Beijing 2015
Subjects:	ACCUMULATION OF DEBT AGRICULTURE ANNUAL GROWTH ARREARS ASSET PORTFOLIOS ASSET VALUES ASSETS BALANCE OF PAYMENTS BALANCE SHEETS BANK DEBT BANK LOAN BANK LOANS BANKING SYSTEM BANKING UNION BOND BOND MARKETS BONDS BROAD MONEY BUFFERS CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL STOCK CENTRAL BANK COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMERS CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION GROWTH CONSUMPTION INCREASES CONSUMPTION LEVELS CONTINGENT LIABILITIES CORPORATE BONDS CORPORATE DEBT CREDIT EXPANSION CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT SURPLUS CUSTOMS DUTIES DEBT DEBT BURDENS DEBT MANAGEMENT DEBT PER CAPITA DEBT RATIOS DEBT STOCK DEBT-SERVICE DECLINE IN INVESTMENT DEMAND GROWTH DEVELOPING COUNTRY DEVELOPMENT BANK DISPOSABLE INCOME DISTORTIONS DOMESTIC DEMAND DOMESTIC ECONOMIC ACTIVITY DOMESTIC SAVINGS DRAG ON GROWTH ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC INEFFICIENCY ECONOMIC OUTLOOK ECONOMIES OF SCALE ELASTICITY ENTRY BARRIERS EXCESS SUPPLY EXCHANGE RATE EXPENDITURE EXPORT GROWTH EXPORTER EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FIXED ASSET FIXED CAPITAL FOOD PRICES FOREIGN CURRENCIES FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FULL EMPLOYMENT GDP GDP PER CAPITA GLOBAL MARKET GLOBAL TRADE GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT FINANCING GOVERNMENT INTERVENTIONS GOVERNMENT REVENUES GROSS CAPITAL FORMATION GROSS FIXED CAPITAL FORMATION GROWTH RATE GROWTH RATES HIGH-INCOME COUNTRIES HOUSEHOLD INCOMES HUMAN CAPITAL IMBALANCES IMPLICIT GOVERNMENT GUARANTEES IMPLICIT GUARANTEES IMPORTS INCOME INCOME GROUPS INCOME GROWTH INCOME LEVELS INCOME TAX INDEBTEDNESS INDUSTRIALIZATION INFLATION INFLATIONARY PRESSURES INFRASTRUCTURE INVESTMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL MARKET INTERNATIONAL TRADE INVESTING INVESTMENT SPENDING LABOR MARKET LABOR MARKETS LENDING PRACTICES LIQUIDITY LIQUIDITY CONDITIONS LIQUIDITY MANAGEMENT LOCAL GOVERNMENT LOCAL GOVERNMENTS M2 MACROECONOMIC POLICIES MARGINAL PRODUCT MARKET ACCESS MARKET CONDITIONS MARKET DYNAMICS MARKET ECONOMY MARKET FORCES MARKET REFORMS MEASURE OF INVESTMENT MONETARY POLICIES MONETARY POLICY NET EXPORTS NONPERFORMING LOANS OPEN MARKET OPEN MARKET OPERATIONS OPTIMIZATION OUTSTANDING BANK LOANS PORTFOLIO PORTFOLIO INVESTMENTS PRICE CHANGES PRICE INCREASES PRICE RISKS PRIVATE INVESTMENT PRODUCTIVITY PRODUCTIVITY GROWTH PRODUCTIVITY INCREASES PUBLIC DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR DEBT PUBLIC SPENDING PURCHASING POWER REAL ESTATE INVESTMENT REAL ESTATE INVESTMENTS REAL GDP REAL INCOME REGISTRATION SYSTEM REPAYMENT RESERVE RESERVE REQUIREMENTS RETURN RETURNS SAFETY NET SECTOR REFORMS SHORT MATURITIES SHORTFALLS SLOWDOWN SOFT BUDGET CONSTRAINTS SPECULATIVE CAPITAL INFLOWS SPOT RATE STABLE GROWTH STATE BANKS SUPPLY CONSTRAINTS SUPPLY SIDE SURPLUSES TAX TAX COLLECTION TAX INCENTIVES TAX POLICIES TAX REVENUES TELECOMMUNICATIONS TIGHT PEG TRADE BALANCE TRADE DATA TRADE DEFICIT TRADE LIBERALIZATION TRADE NEGOTIATIONS TRADING TRANSFER PAYMENTS TRANSPARENCY TREASURY TREASURY BONDS UNEMPLOYMENT VALUE ADDED WAGES WARRANTS WEAK DEMAND
Online Access:	http://documents.worldbank.org/curated/en/2014/06/19647735/china-economic-update-june-2014 http://hdl.handle.net/10986/22108

Description
Summary:	Chinas economic growth is gradually slowing as the structural transformation of the economy continues. Output grew by 7.7 percent in 2013, matching its 2012 growth rate and exceeding the governments 7.5 percent indicative target. In recent months economic activity, including industrial production, started to show signs of acceleration. The recent acceleration, expected to continue into the next two quarters, is partly reflecting the effect of new growth-supporting measures, robust consumption, and a recovery of external demand. Chinas growth will continue to moderate over the medium term, and the structural shifts will become more evident. Growth in China is expected to decrease marginally to 7.6 percent in 2014 and 7.5 percent in 2015, from 7.7 percent in 2013. Fiscal and financial sector reforms are needed to address financial stability risks in the medium run. The first task involves effectively managing the process of rapid credit growth, including less well-regulated shadow banking system. The second involves gradual and orderly deleveraging of large stock of local government debt accumulated through off-budget and quasi-fiscal platforms.

China Economic Update, June 2014

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