People’s Bank survey released on the 27th Division “in 2010 in the second quarter of China’s macroeconomic situation,” the report pointed out that the possibility of future stabilization of a larger economic slowdown, but it appears unlikely that the second bottom. The possibility of rising prices still remain vigilant.

Report that, while the current Chinese economic growth slowed down some, but current economic fundamentals remain good, the economy is unlikely that the second bottom, the main basis for the: First manufacturing sentiment index (PMI) Despite down，But it is still running above 50%; second is the total urban investment in new projects is still relatively high level in history; Third, the total retail sales of social consumer goods to maintain rapid growth, consumption growth and stability remain unchanged; Fourth, the global economymaintaining the overall recovery trend, a good external environment for China in 2009, export volumes in June record; Fifth Division from the People’s Bank survey of economic sentiment index calculation, the current economic coincident composite index and the first composite index showed a downward trend, but view from the index level is still at historically high levels.

Upward pressure on prices has slowed down, the future price hikes resulted from reduced, but the possibility of rising prices still remain vigilant. First, the rise in food prices may rise; second pre-credit, high-growth delay effect is not fully apparent; Third, the labor price increases will push up the price level; Fourth, inflation expectations are still high. 5,000 households to monitor the central bank sales of industrial enterprises price sentiment index from the first quarter increased 53.2% from 54.2% in the quarter has increased for six consecutive quarters; the People’s Bank depositors questionnaire survey, the second quarter of 2010 reached the future price expectation index 70.3%, up 4.7 percentage points qoq.

Report, European debt crisis on the overall Chinese economy is unlikely to have a greater impact. The EU is China’s largest trading partner, exports to the EU in 2009 the proportion reached 19.7%. As at end 6, the euro central parity of RMB exchange rate depreciated by 18.04% over the beginning. So the short term, the European external debt crisis in China drop in demand and reduced orders, the cost pressures. In summary measure, considering that China exports less flexibility from China’s external dependence has decreased significantly since 2009, even if exports to the EU some time to come down, other economies may be offset by the recovery of demand.

The report shows that the central project in 2010, the role of investment growth weakened. From a structural point of view, private investment (non-state and state-controlled investment) growth continued to improve, the cumulative growth rate of more than 4 consecutive months of growth of state-owned and state-controlled investment. First half of the total, private investment grew 28.6%, state owned and state holding investment growth of 21.5%.

From this we can be optimistic about the outlook for China’s economic development, people’s life because of lower prices, more affluentthus, increasing the overall situation of China’s economy.

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