Rating agency Moody’s predicts that China’s economic growth this year will increase from 1% to 1.9%
The rating agency Moody’s released the latest report stating that China’s fiscal stimulus measures introduced last quarter are reflected in the strong growth of industrial production and fixed asset investment. Infrastructure and real estate spending will help drive overall investment, and as workers return to work, disposable income will increase and increase internal consumption demand. Therefore, China’s economic growth forecast for this year has been raised from 1% to 1.9%. It is the only economy in the world whose growth forecast has been raised. As for next year’s growth forecast, it will remain at about 7%.
U.S. durable goods orders rose 4.70% than expected in July
US durable goods orders surged by 11.2% month-on-month in July, which was much higher than the market’s expected increase of 4.70%. The previous value increased by 7.6%, mainly driven by the continuous increase in demand for automobiles. During the period, orders for core durable goods excluding aircraft and armaments increased by 1.9% month-on-month, which was also higher than market expectations of 1.7%, reflecting the continued optimism of business investor confidence.
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