China vows to boost consumption after growth dips
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 4:55 am, Wednesday, April 17, 2013
Analysts say higher outlays on social programs are required to free up household incomes for consumer spending if the ruling Communist Party is to achieve its goal of nurturing self-sustaining growth based on domestic consumption instead of trade and investment. The global crisis and a slowdown in growth last year prompted Beijing to boost lending and government investment in public works, temporarily setting back its effort to rebalance the economy toward consumer spending. Ratings agency Fitch cut its rating on China's long-term local currency sovereign debt last week, citing potential financial risks due to rising debt. Reported by SeattlePI.com 7 hours ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 4:55 am, Wednesday, April 17, 2013
Analysts say higher outlays on social programs are required to free up household incomes for consumer spending if the ruling Communist Party is to achieve its goal of nurturing self-sustaining growth based on domestic consumption instead of trade and investment. The global crisis and a slowdown in growth last year prompted Beijing to boost lending and government investment in public works, temporarily setting back its effort to rebalance the economy toward consumer spending. Ratings agency Fitch cut its rating on China's long-term local currency sovereign debt last week, citing potential financial risks due to rising debt. Reported by SeattlePI.com 7 hours ago.