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Economy sees 'green light' in first half

By Ding Qi (chinadaily.com.cn)
Updated: 2008-07-30 15:45

Official economic indicators showed that the Chinese economy maintained a stable growth during the first half of this year due to effective macro-control policies, the National Bureau of Statistics (NBS) said yesterday.

According to the NBS, the macro-economy index chart stood at 114.9 during the first half of this year. The figure remained in the "green light" zone, suggesting a normal economic status. The monthly figure for June declined 2.6 from the previous month to 114.7, also in the "green light" area.

Filed by the NBS periodically, the macro-economy index chart is a key indicator signaling the nation's overall economic performance. The benchmark level of the index is 100, indicating a desirable economic performance. The higher it goes, the greater the risk of overheating becomes.

The indicator rose to the "yellow light" zone (more than 120) during the last four months of 2007, indicating a rising risk of overheating for the economy. But it returned to the "green light" zone at the beginning of this year.

"The trend suggests the government's macro-economic control policy is taking effect," Zhang Xinfa, an analyst with the Galaxy Securities told China Securities Journal on Wednesday.

Among the 10 elements that make up the index, six remained in the "green light" zone: industrial production, fixed-asset investment, import and export volume, industrial enterprise profit, loans from financial institutions and M2, a broad measure of money supply; While retail sales, fiscal income, per capita disposable income and consumer prices have signaled a "yellow light."

China's gross domestic product (GDP) grew 10.1 percent in the second quarter, down from 10.6 percent during the first three months of the year. Consumer price index (CPI), an important measure of inflation, slowed to 7.1 percent in June, after rising 7.7 percent during the previous month thanks to easing food prices.