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21 Jan 2014

International Economy

China’s 2013 GDP Hits 14-year Low as Reforms Aim for Quality Growth (Current Issue No. 2453 Full Ed.)

Numerous factors have brought China's economic performance down from 7.8 percent in 2012 to 7.7 percent in 2013 – the lowest level in 14 years. The nation's economy, particularly the industrial sector, has been hurt by sluggishness in the global economy recovery; meanwhile, massive reforms being instituted there may cause industrial manufacturing performance and some local government investments to ebb. Despite that, their 2013 growth rate still surpassed what the Chinese government had hoped for at 7.5 percent.
During 2013, the federal government has tried to instill a notion that the country must reform economically. They have adopted sweeping new initiatives to control industries and local government investments as well as undertaking monetary reforms. With these steps in mind, it is expected that Chinese economy will grow at a slower pace amid hopes for long-term economic stability. China's new monetary and fiscal policies seek to prop up the economy and see growth progress uninterrupted; KResearch projects that China's GDP will expand perhaps 7.2 percent YoY in 2014, or within a range of 7.0-7.5 percent.

A more stable and balanced economy such as China is attempting to achieve should make the nation increasingly dominant in the global market, which in turn would be conducive to Thai-Chinese trade. We forecast that Thai export shipments to China this year will expand around 3.3 percent YoY (or within 0.5-7.5 percent YoY), after seeing the fractional growth of 0.03 percent during 11M13.

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International Economy