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China’s economic growth rebounded as manufacturing expanded at a faster pace

Macau, China

Macau, China

China’s economic growth rebounded, China’s manufacturing expanded at a faster pace. The domestic demand helped China’s factory activity to rebound in March, with new orders up sharply in a sign that the underlying economic recovery is strong enough to weather any risks from patchy export performance, surveys showed on Monday.
China’s official manufacturing purchasing managers’ index (PMI) released by the National Bureau of Statistics rose to an 11-month high of 50.9 in March, above the 50-point level that indicates growth on the month, but below a Reuters poll consensus forecast of 52.0.
China’s annual the world’s second largest economy target for gross domestic product growth will remain 7.5%, but the government said it will.
China recorded its weakest growth in 13 years in 2012, but a rebound in the fourth quarter removed any lingering concern that its economy might be heading for a hard landing. GDP grew by 7.8% in 2012, beating the government’s target of 7.5%.
Here are the government’s stated goals for 2013:
Gross domestic product growth of 7.5%.
Consumer Price Index (CPI) target of 3.5%.
A projected deficit of 1.2 trillion yuan ($190.48 billion), 400 billion more than last year and a total of 2% of GDP.
Add more than 9 million urban jobs.
Keep the registered urban unemployment rate at or below 4.6%.
The government will work to ensure that real per capita income for urban and rural residents increases in step with economic growth.
China will continue to implement a proactive fiscal policy. The government will give priority to education, medical and health care and social security.
China will continue to implement a prudent monetary policy. The target for growth of the broad money supply (M2) is about 13%.
By: Kim Long
New York News
China