China will maintain a reasonably high growth rate this year with slim chance of a "hard landing" although its manufacturing activity contracted for two consecutive months, a U.S. economist said Thursday.
China's manufacturing activity contracted for the second month in a row in February, hitting a seven-month low and dividing economic opinion.
Foreign analysts say this year could be a turning point for the China as the country's leaders continue to push for reform and a rebalancing of its economy.
The Chinese economy endeavors to maintain its trend of stable growth while facing an uncertain global economy and a long road to transforming itself.
As ways to improve growth quality and efficiency, cutting excess industrial capacity and dealing with smog have been highlighted.
The Indian government Monday presented an interim budget -- its last before the country goes to polls in May -- in which indirect taxes on cars, two-wheelers and mobile phones have been slashed in a bid to boost economic growth.
Chinese people spent 13.3 percent more on shopping and eating during the seven-day Lunar New Year holiday, which illustrated high consumer confidence despite a softening growth momentum of the economy at the start of 2014.
China's official manufacturing activity index and a separate survey both eased in January from a month earlier, reinforcing the country's softening growth momentum with small enterprises suffering the most.
The Reserve Bank of Australia on Tuesday announced to keep the official cash rate unchanged in its first statement on monetary policy for the year 2014, it also implied that it has shifted its easing emphasis towards a neutral monetary policy.
Taiwan's economy showed clear signs of recovery during the fourth quarter of 2013, boosting annual GDP growth to 2.19 percent, the island's budget authority announced on Tuesday.
Although China's economy managed to end a somewhat turbulent 2013 on solid footing, a shaky start this year, as shown in new manufacturing data, has renewed worries over its growth prospects.
Foreign analysts have expressed optimism about China's economic growth in the near future, after data suggested that the national economy succeeded in averting "hard landing" risks in 2013.
The International Monetary Fund on Tuesday slightly raised its growth forecast for the world economy to 3.7 percent in 2014, 0.1 percentage point higher than its October projection.
China's economy grew 7.7 percent in 2013, the same as 2012, overshooting the government target of 7.5 percent, according to the National Bureau of Statistics on Monday.
New data has showed that China's lending in 2013 moderated and the growth of broad money supply eased, triggering forecasts that credit tapering will continue in 2014.
Chinese customs authorities disclosed trade data for December and the whole of 2013 on Friday, which showed notable exports growth deceleration last month.
A Hong Kong government official said on Monday that the only certain thing about 2014 is that there will be more uncertainty, and the aftermaths of the U.S. tapering is still debatable at this stage.
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