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POLITICAL ECONOMY
China revises 2010 economic growth up to 10.4%
by Staff Writers
Shanghai (AFP) Sept 7, 2011

China said Wednesday it had revised its 2010 economic growth up to 10.4 percent from the 10.3 percent announced previously, due mainly to higher-than-estimated output in its service sector.

The National Bureau of Statistics announced the gross domestic product (GDP) for last year totalled 40.12 trillion yuan ($6.3 trillion) -- 321.9 billion yuan more than the previously-released figure.

China -- the world's second largest economy -- routinely revises its growth figures.

According to the statement, the country's secondary sector -- which mainly refers to manufacturing -- accounted for more than 46.8 percent of the nation's economy.

The services sector represented 43.1 percent of the economy, while the primary sector -- mainly agriculture -- came to 10.1 percent.

This year, the economy expanded at a slower but still robust pace in the second quarter as Beijing battles to bring politically sensitive inflation under control, with GDP up 9.5 percent on year in the April-June period.

This compares with 9.7 percent growth in the first three months of the year, and 9.8 percent in the fourth quarter of 2010.

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HSBC to axe up to 3,000 jobs in Hong Kong by 2014
Hong Kong (AFP) Sept 7, 2011
Banking giant HSBC said Wednesday it will slash up to 3,000 jobs in Hong Kong over the next three years, as part of its global cost-cutting drive as it shifts focus to fast-growing markets. The British-based lender last month announced plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally by 2013. The Asia-focused bank has also said it will hire up to 15,000 people in ... read more


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