China's economic growth beats forecast
World's second-largest economy grows by 7 percent in the second quarter amid dramatic fall on stock markets.
![The latest figures keep China on track to meet the Communist Party's official growth target of 7 percent for this year [Reuters]](http://www.aljazeera.com/mritems/imagecache/mbdxxlarge/mritems/Images/2015/3/19/da4d68544d4145c4a7a5f7d0472c6a8b_18.jpg)
China has released figures of its economic growth for the second quarter showing the country's economy has grown at a steady seven percent, its weakest performance since the global crisis but slightly better than expected.
The figure released on Wednesday was slightly above forecasts and came as the ruling Communist Party is struggling to reverse a stock market plunge that threatens to disrupt its economic reform plans.
The world's second-largest economy has seen sharp downturn in its economic growth raising fears of job losses. Since November, Beijing has cut interest rates four times and pumped money into the economy through spending on construction.
"There are good reasons to think that the latest figures are mirroring a genuine stabilisation of conditions on the ground," said Julian Evans-Pritchard of Capital Economics in a report.
I have maintained that oil should have corrected to around $70 in the fall of 2014, tied to U.S. production increases which at the time represented the price at which drillers would continue to add to supply. That price tied to cost reductions has probably been reduced to $60ish currently. But today, with the consensus oversupply widely quoted in the media as some 2 million barrels per day worldwide, it’s clear that if the numbers are correct below, the perceived oversupply wouldn’t exist at all. Suffice it to say prices would be at least at the point where production would need to be added, perhaps around $60-$70 per barrel, if not higher.
Asked what he had said, the minister told reporters: "There's no point in going to cabinet if you are going to express what you said in cabinet on national TV."
Shenhua Watermark is planning to construct an open-cut mine about 25km southeast of Gunnedah to extract 10 million tonnes of coal a year over 30 years.
The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”
Five leading economists warn the German chancellor, “History will remember you for your actions this week.”This post will be regularly updated to keep track of the Abbott Government’s broken promises and everything his Government does to hurt Australians. Each item will have a link to a source.
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