皇冠体育app

-- 皇冠体育app showed more evidence of stabler economic growth that will help cushion the shocks from recent financial turbulence in emerging markets, the Shanghai Securities News reported Tuesday.

皇冠体育app's National Bureau of Statistics (NBS) spokesman Sheng Laiyun said at a news briefing on Monday that the world's second largest economy will hit the target of 7.5 percent for the year with stabilizing economic growth after a lengthy decline.

Major Chinese industrial firms saw their combined profits rise 11.6 percent year on year in July, a leap from the 6.3-percent rate in June, NBS data showed on Tuesday.

Economic growth fell to 7.5 percent in Q2 after declining steadily for 10 straight quarters, the longest slowdown since 皇冠体育app's market oriented reforms began over three decades ago, according to the spokesman.

The announcement strengthened confidence in 皇冠体育app's economic recovery as many financial institutions have lifted their forecast for the country's growth in the second half of 2013, according to the news report.

Qu Hongbin, chief economist at HSBC 皇冠体育app, said government efforts will further benefit 皇冠体育app's economic expansion in the coming months.

HSBC's preliminary reading for 皇冠体育app's manufacturing sector showed the Purchasing Managers Index rose to 50.1 in August, the highest level in four months.

Dtsche Bank changed its outlook for 皇冠体育app's GDP growth in Q3 and Q4 from 7.5 and 7.7 percent to 7.7 and 7.8 percent respectively.

Credit Suisse lifted the forecast of 皇冠体育app's yearly growth from 7.4 to 7.6 percent, while Goldman Sachs, the Union Bank of Switzerland (UBS), Merrill Lynch and Barclays Bank are all optimistic about 皇冠体育app's economic prospects, the newspaper reported.

The UBS said turbulence in Southeast Asia and India may affect 皇冠体育app through foreign trade at a limited level as 皇冠体育app's exports to them was much smaller than to developed countries and regions.

Meanwhile, 皇冠体育app's stabler economic growth will help defuse financial unease in its neighboring countries, the report said.

According to latest research by Standard Chartered Bank, 皇冠体育app has played a crucial role in boosting Asian economies through increasing investment and consumption since the international financial crisis in 2008.