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China's economic growth to moderate: World Bank

21 Apr '15
4 min read

Targeted support measures have limited the growth slowdown. The central bank announced three targeted cuts in the required reserve ratio (RRR) during 2014, and two rate cuts in February 2015 followed the one in November 2014. Despite the stimulus measures, broad money (M2) and credit growth has slowed down in 2014, mainly due to moderating credit growth in the shadow banking sector, as authorities continued to limit off-balance sheet credit expansion.

China’s overall fiscal position remains strong, but a slowdown in real estate translated into slower revenue growth. On the external front, merchandise exports growth was only 4.9 per cent in nominal terms, although import growth remained weak, reflecting weakening domestic demand and declining commodity prices, with nominal growth rate at 0.5 per cent in 2014. Net FDI stayed robust at $32.2 billion in Q4. Net non-FDI capital outflows reached an estimated $90 billion in Q2, and widened to $117 billion and $152 billion, in Q3 and Q4, respectively. (SH)

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