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Last week, the government promised steps to boost domestic consumption as an economic driver. It promised changes in medical, pension and other social programs to free up more of household budgets for consumer spending but gave no details. Also Monday, Capital Economics said its China Activity Proxy, a measure that combines cargo, power consumption and other indicators, showed first quarter growth might have fallen more sharply than official figures indicated, possibly tumbling to 6.5 percent. "Growth appears to have picked up slightly at the end of the quarter," said economists Mark Williams and Qinwei Wang in a report. However, they said, "our figures suggest actual growth was once again slower than the GDP data reveal."
[Associated
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