For example, the MNI China Business Sentiment, a private sector survey of businesses in 32 cities, showed an improvement in its final reading on June 29, compared to the flash estimate released two weeks earlier.
The final reading was 53.21 versus an initial reading of 51.92, which indicates that firms who responded in the final week were starting to be more positive, Zhang added.
At the same time, new bank loans in June rose 16 percent to 919.8 billion yuan ($144.3 billion) from May’s 793 billion yuan ($124.4 billion) and April’s 682 billion yuan ($107 billion), the People’s Bank of China said on Thursday, in a sign government efforts to spur the country's slowing economy may be working.
This means that the second quarter was as bad as it got, Zhang said. He’s forecasting that China will report 7.8 percent growth for the period, slightly higher than a consensus estimate of 7.6 percent in a Reuters poll. The economy will then rebound to 8.6 percent in the third quarter and 8.9 percent in the fourth quarter, translating to an expansion of 8.4 percent for the whole of 2012, Zhang said.
Power, Coal and Gasoline
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