China's economy grew at a 7 percent annual rate in the first six months of the year, but the government insisted today that the 1998 target of 8 percent growth remained within reach. China needs robust expansion to create new jobs for millions of workers facing layoffs in a painful overhaul of decrepit state industry. However, independent economists are skeptical. "Growth rates closer to 5 to 6 percent seem more likely," said Paul Coughlin, S&P's man on Asia.
Slowing Down
China's economy grew at a 7 percent annual rate in the first six months of the year, but the government insisted today that the 1998 target of 8 percent growth remained within reach. China needs robust expansion to create new jobs for millions of workers facing layoffs in a painful overhaul of decrepit state industry. However, independent economists are skeptical. "Growth rates closer to 5 to 6 percent seem more likely," said Paul Coughlin, S&P's man on Asia.
