China’s economy is set to grow 7 per cent in the second half of the year, the country’s central bank governor said in Washington.
Zhou Xiaochuan said China’s gross domestic product would pick up from the 6.9 per cent figure recorded in the first six months of the year thanks to a boost from household spending, according to a synopsis of his comments at the G30 International Banking Seminar posted to the People’s Bank of China website on Monday.
Consumer retail sales rose 10.4 per cent year on year in the first eight months of the year while spending has shifted from traditional goods to services, Mr Zhou said.
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