HSBC cut its growth forecasts for ChinaJune 19, 2013 - 17:42 AMT PanARMENIAN.Net - HSBC on Wednesday, June 19 cut its growth forecasts for China, citing faster reform moves that could hurt growth, along with weaker-than-expected data flows, according to MarketWatch. Qu Hongbin, chief economist for China at HSBC, said their 2013 and 2014 gross domestic product views now stand at 7.4%, versus prior forecasts of 8.2% and 8.4%, respectively. Consensus is calling for China growth of 7.8% in 2013, he noted. Sub-8% growth will likely add to disinflationary pressures on the country, said Hongbin, who also lowered the consumer price inflation view to 2.5% year-on-year from 3.1% and the 2014 CPI view to 2.6% from 2.7%. Hongbin said it will take time for new measures from China to "filter through to the economy and have an impact on growth. In the short term some reform initiatives will actually be negative for demand, implying that growth will slow before regaining momentum in 2015." Growth should rebound in 2015, HSBC noted. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. U.S. Assistant Secretary of State to travel to Armenia Assistant Secretary for European and Eurasian Affairs James C. O’Brien will travel to Yerevan on June 10-12. Power of One Dram to benefit Road of Life, Strong Mind IDBank and Idram summarize the results of the May program of “The Power of One Dram”. |