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.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

Other Articles

This International Women’s Day, our analysis reveals a continuing untapped potential and huge opportunity when it comes to women in…

London

London-based ACT Clean has secured private investor backing for a £10.2 million management buyout.

Bulletin
Spain

Santander takes 12 UK food and drink manufacturers to Spain on one of our successful trade missions. Adam Payne in the international team…

This International Women’s Day, our analysis reveals a continuing untapped potential and huge opportunity when it comes to women in…

London

London-based ACT Clean has secured private investor backing for a £10.2 million management buyout.

Bulletin
Getting a taste for Spain!

Santander takes 12 UK food and drink manufacturers to Spain on one of our Trade Missions. Alicia Ferrero Vega in the International team…

Bulletin

Where Next?