Bulletin

China trims growth estimate after services rethink

China's National Bureau of Statistics has revised down its estimate of 2014 economic growth to 7.3% from 7.4%, with the new figure attributed to the service sector, where output increased 7.8%, compared with an initial estimate of 8.1%. The NBS also said industrial and agricultural output were both revised up. The downwards revision for the economy, which the NBS said could be subject to further changes, might spark fresh concerns about China among markets, but domestic investors were unfazed after its announcement, with the Shanghai Composite index opening higher in the morning, before closing down 2.5%. China's economic planning body, the National Development and Reform Commission, also sought to assuage global concerns about the country's growth prospects by saying that power consumption, rail freight and other economic indicators had improved in August. Meanwhile, China's foreign exchange reserves fell by a record $94bn in August as Beijing sought to prop up the renminbi. Reserves fell 2.6% in the month to $3.557tn.

 

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