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ECONOMY
Weekly Watch> ECONOMY
UPDATED: August 19, 2013 NO. 34 AUGUST 22, 2013
No. 34, 2013
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CERAMIC BOOM: A craftsman marks a ceramic bowl in Kazuo County, northeast China's Liaoning Province. The ceramic industry has developed fast in the county, attracting craftsmen nationwide to open businesses there( REN ZHENGLAI)

Aiding Small Firms

The State Council on August 12 unveiled details of financial support for cash-strapped small businesses, which generate the bulk of employment in the country.

Small financial institutions such as village banks and credit companies, as well as private banks, financial leasing companies and consumer financial companies are encouraged to be set up in areas where small businesses are concentrated.

The State Council said credit growth to small enterprises should not be lower than total credit growth. The incremental amount should not be less than that recorded a year earlier.

Private capital should have easy access to the finance industry. Small financial institutions can provide effective services and promote fair competition.

With the economy slowing for several quarters, the government is looking to small businesses to stabilize growth and employment.

Inflation Flat

China's consumer price index (CPI), a main gauge of inflation, grew 2.7 percent year on year in July, staying flat from the figure for June, the National Bureau of Statistics (NBS) announced on August 9.

The figure remained well below the government's full-year target of 3.5 percent.

The NBS attributed the inflation growth mainly to rises in food prices on a year-on-year basis, which went up 5 percent in July. Food prices weigh about one third of the CPI's calculation.

Yu Qiumei, a senior statistician with the NBS, said China's consumer prices have stayed relatively stable. "Compared on a monthly basis, the July CPI grew 0.1 percent from June, and food prices in July also stayed flat from a month ago," Yu said.

China's producer price index, which measures inflation at the wholesale level, fell 2.3 percent year on year in July. The figure, down 0.3 percent from June, marked the 17th straight month of decline.

Industrial Pickup

China's industrial output growth picked up in July, according to data released by the NBS. Industrial value-added output measures the final output value of industrial production, or the value of gross industrial output minus intermediate input, such as raw materials and labor costs.

Industrial value-added output expanded 9.7 percent year on year in July, 0.8 percentage points higher than June's growth and the highest growth in the past five months.

The pick-up highlighted improving market expectations amid a rebound in exports, said Zhang Liqun, an analyst with the Development Research Center of the State Council.

On a month-on-month basis, industrial output growth in July added 0.88 percent from June.

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