Chinese economy set to turn around, no hard landing: finance minister

Finance Sun, Jul 21, 2013, 7:38 AM EDT – U.S. Markets closed Chinese economy set to turn around, no hard landing: finance minister Reuters 2 hours 58 minutes ago View Photo Chinese Minister of Finance Lou Jiwei smiles before the G20 finance ministers and central bank governors family photo during 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 19, 2013. REUTERS/Yuri Gripas SHANGHAI (Reuters) – China’s finance minister denied that the world’s second-largest economy was entering a crisis period, adding that he believed growth could even accelerate, as quoted by the official Xinhua news service in an interview. The report quoted Lou Jiwei, speaking on the sidelines of the G20 conference on Saturday, saying he expected China’s economic growth to end the year at 7.5 percent, the official target rate.

Pakistan launches media campaign to boost Islamic finance

The campaign is part of an overhaul of Islamic finance activities in Pakistan, which also includes the establishment of a country-level sharia board and new rules for sharia-compliant financial products. The central bank is rolling out a five-year plan for Pakistan’s Islamic banking sector, which follows religious principles such as bans on interest and pure monetary speculation. “There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm,” said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows.

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