China Can Endure Growth Slowdown to 6.5%, Finance Chief Says

Egypt’s new finance minister faces daunting task

The median projection of 56 analysts in a Bloomberg News survey last month was for 7.7 percent expansion this year. Chinas economy expanded less than 8 percent last year for the first time since 1999. The slowdown is necessary to achieve a structural transition, Lou said, adding that the government is deepening reforms in areas including public financing and financial services to achieve more sustainable growth. Approval Requirement Zhang Zhiwei, chief China economist at Nomura Holdings Inc., said Lous comments spurred investor inquiries over whether the 2013 growth target has been cut to 7 percent.

Investors Should Reset Ambitions on China

He has been a long and firm believer in the importance of inclusive growth and education in contributing to inclusion and competitiveness,” said Amina Ghanem, a former deputy finance minister. “Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development,” said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012. The army ousted Mursi, Egypt’s first freely elected leader, on July 3 after millions of Egyptians poured into the streets to protest against the Islamist president and his government. Galal received a doctorate in economics from Boston University in 1986 after graduating in business administration from Cairo University.

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