China’s economy entered the final quarter of 2013 with an
acceleration in manufacturing and exports, momentum that offered confidence to
Communist leaders gathering to determine policy shifts for the coming decade.
Industrial output rose a more-than-estimated 10.3 percent
from a year earlier in October and manufacturing investment strengthened,
according to data released Nov 9. by the National Bureau of Statistics. Customs
data the previous day showed overseas sales rebounded by more forecast.
Failure to implement reforms on issues ranging from
interest rates to local government debt and land ownership risks impeding the
party’s goals of boosting incomes and spurring hundreds of millions of rural
residents to move to the cities. President Xi Jinping and top Communist leaders
tomorrow conclude a four-day gathering to map out an economic blueprint for
changes that the State Council’s research institute says should include curbing
the government’s role in the economy, adjusting the fiscal system and spurring
foreign investment.
Standard Chartered last month raised its estimate for
China’s 2013 economic growth to 7.6 percent from 7.5 percent and revised next
year’s forecast to 7.4 percent from 7.2 percent. The new projections match the
median estimates in Bloomberg News surveys in October.
(Source:
Bloomberg)