China Won’t Have Large Stimulus This Year, Finance Minister Says
(Photo: Paul Sakuma AP) Tech has more exposure to international markets, where economies aren’t as strong Quarterly earnings for finance sector are expected to climb almost 20% over year before Tech-sector profits are expected to drop 8.3% SHARECONNECT 120 TWEET COMMENTEMAILMORE SAN FRANCISCO Since the near-collapse of the U.S. financial sector in 2008, the technology industry consistently has been the most-profitable part of this country’s economy. In 2012, tech companies contributed almost a fifth of all profit reported by the corporations in the S&P 500 index, slightly more than the earnings of financial services companies. Yet if those same large companies report second-quarter results over the next few weeks that are in line with Wall Street expectations, finance will be well on its way to overtaking tech this year to once again become the U.S.
The remarks were posted yesterday on the Finance Ministry s website. Premier Li Keqiang said this month that the nation should keep restructuring the economy as long as growth and employment stay above unspecified limits, even as a second-quarter slowdown in expansion increased risks that China will miss its 7.5 percent goal for the year. The government responded to the global financial crisis in 2008 with a 4 trillion yuan ($586 billion at the time) stimulus and a wave of bank lending. From a policy perspective, China wont roll out large-scale fiscal stimulus policies this year, said Lou, who became finance minister in March.
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