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POLITICAL ECONOMY
China stimulus spurs growth and new problems: state media

Economic crisis replaces NATO as Russians' top worry: poll
The economic crisis has replaced concerns over the NATO military alliance as Russians' top worry as the country copes with recession, according to a poll published on Monday. Asked what constitutes the "main threat" confronting Russia, 11 percent listed the economic crisis first, putting it ahead of alcoholism and drugs at nine percent and the threat posed by Western militaries at seven percent. Concerns over NATO and the West finished at the top of the list a year ago with 11 percent, while only four percent cited the economic crisis. Russia, which has seen a major economic expansion in recent years, has fallen into recession as oil prices have declined from record highs. Oil and gas are the country's main exports. Moscow is deeply suspicious of NATO's expansion eastward, and Russia's brief war with Georgia last August plunged its ties with the West to Cold War-like lows. The Vtsiom Institute carried out the poll from June 27-28 with 1,600 people. It includes a margin of error of 3.4 percentage points.
by Staff Writers
 Beijing (AFP) July 13, 2009
 Beijing's stimulus measures are showing results but have also led to new problems, including soaring bank loans, fears of rising inflation and slumping fiscal revenues, state media said Monday.

Growth in the second quarter is likely to be close to eight percent, rising from 6.1 percent in the first three months of the year, the People's Daily said, citing an analysis by the National Statistics Bureau.

"The active fiscal policy and moderately loose monetary policy have had enormous effect," the ruling Communist Party's mouthpiece said in a front-page story.

"But new problems such as sharply decreased fiscal revenues ... fast growing bank loans and public expectations of rising inflation have emerged in the implementation of the policies," the report said.

Private investment is lagging while a recent central bank survey indicated consumer spending has touched a historic low, reflecting rising concerns over employment and income growth, it said.

"Some positive signs in the economy do not mean the difficult time is over. We should realise it clearly that ... the foundation of an economic recovery is not solid and internal growth driver is yet to be strengthened," it warned.

To avoid "hidden financial risks", the government should "guide credit to grow rationally and optimise loan structure", offering greater support to small and medium-sized businesses and the agricultural sector, it added.

Second quarter economic data is scheduled to be released on Thursday.

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