Economic data released in China last week revealed the government’s two-steps-forward, one-step-back approach to macroeconomic management.
While the rest of the world fretted about runaway debt levels in the world’s second-largest economy earlier this year, Chinese economic planners kept their eyes firmly on their target range for gross domestic product growth, set at 6.5 to 7 per cent.
With the National Bureau of Statistics reporting three straight quarterly growth figures of 6.7 per cent, the Chinese government does not have to worry about full-year growth falling below 6.5 per cent. Instead, it can turn its attention to reining in some of the excesses that made this year’s better than expected growth figures possible.
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