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HO CHI MINH CITY Ian Desmond Jersey , Oct. 7 (Xinhua) -- Vietnam will likely obtain higher gross domestic product (GDP) growth in 2014 based on strong exports and low inflation so far this year, according to Hong Kong and Shanghai Banking Corporation (HSBC).

Vietnam's export performance has been enviable as the sector has expanded by 14.1 percent since early this year, an impressive result amid lackluster demand across the globe, local Saigon Times daily quoted sources from the bank's Global Research Report as saying on Tuesday.

The HSBC Manufacturing Purchasing Managers' Index (PMI) mirrored this trend as the index has risen for 12 consecutive months. In the third quarter, the manufacturing sector grew 9.8 percent year-on-year and contributed 1.9 percentage points to the economy's 6.4 percent year-on-year growth.

In recent years, domestic firms' trade deficits have narrowed while foreign enterprises' trade surpluses have picked up, backing stability for the currency and the economy. The growth of the sector has helped offset slowing investments and increase labor demand, the bank said.

According to the UN projections, 93 million people live in Vietnam in 2014 with around 60 percent in the labor force. Both total population and working age group are expected to continue to expand by about 1 percent per year, resulting in more investments and jobs to productively absorb existing and incoming labor.

In the medium term, labor market, financial, infrastructure and supporting industry reforms are required for growth to be sustainable. Low linkages with foreign enterprises and persistent skilled labor shortages are limiting the benefits of foreign direct investment (FDI), especially regarding the acquisition of technology.

Meanwhile, an EU-Vietnam Free Trade Agreement (FTA) is expected to conclude by the year-end, if not in early 2015, bolstering stronger growth of manufacturing exports. As of September, Vietnam 's footwear exports had jumped 24.6 percent while textiles and garments rose by 18.6 percent, said the Saigon Times.

HSBC said the expiration of EU anti-dumping measures on Vietnamese leather footwear, labor cost competitiveness with China and anticipation of the Trans-Pacific Partnership have encouraged firms to shift production to Vietnam.

However, the bank said the big winners of exports have been goods manufactured in Vietnam while commodity-based items have lost value in recent years.

Headline inflation slowed to 3.6 percent year-on-year in September despite higher education costs, and the consumer price index (CPI) is expected to trend sideways in the fourth quarter, ending the year at 3.7 percent year-on-year, according to the bank.

BEIJING, July 9 (Xinhua) -- China has been resolute in containing leverage and financial risks, as it endeavors to trade short-term deleveraging pains for the long-term health of the economy.

The People's Bank of Chinacorities were flinching from their ongoing deleveraging campaign.

Yet the PBOC shifted its tactic dramatically in late June and starkly reduced cash injections.

On Friday, the PBOC refrained once again from open market operations, on the grounds that liquidity within the banking system remained ample.

That made Friday the 11th successive trading day of open market suspension, and the maturation of 20 billion yuan (2.9 billion U.S. dollars) in reverse repos has led to a net liquidity contraction of 630 billion yuan in total since June 22.

To further quash speculation, the PBOC reiterated this week that it would continue with prudent and neutral monetary policy, use a range of monetary policy tools to maintain stable liquidity and place more importance on the prevention and control of financial risk.

Analysts said that given the Chinese leadership's strong determination and steady growth of the economy, the deleveraging was unlikely to reverse.

Calling the campaign a medium-term task, Citic Securities analyst Ming Ming said it would last a long while and remain unchanged, but the pace and intensity of policies would be fine-tuned to adapt to change.p Ming said China's deleveraging policies so far had been effective, proactive and scientific, and yielded results.

Growth of China's broad measure of money supply, M2, hit a record low in May.

Banks' outstanding wealth management products (WMPs) totaled 28.4 trillion yuan at the end of May, down from 30 trillion yuan at the end of 2016. The sector's fast expansion had been considered a major source of financial risk, as off-balance-sheet WMPs channel deposits into risky investments without adequate regulation.

However, progress cannot be achieved without costs.

Analysts warned that China's corporate sector was feeling the stress and expected a tougher time, as funding costs were rising and could rise further, while credit would become harder to access, especially for small and medium-sized firms.

As the campaign continues, analysts said liquidity conditions would remain tight for the rest of the year. The deleveraging stress, cooling real estate market and moderate investment growth will weigh on economic growth.

Challenges for policy makers lie in countering debt, shadow banking and long-term threats to the economy, without destabilizing short-term growth.

While keeping liquidity relatively tight to underpin deleveraging, the Chinese authorities have been careful not to squeeze liquidity too much to avoid dampening demand.

PBOC data shows that total social financing and new yuan-denominated loans both increased year on year in May, indicating robust financial support for the real economy.

Li Peijia, a researcher with the Institute of International Finance at the Bank of China, said the campaign was still in a crucial stage, expecting monetary policy to re. Cheap Nike Vapormax Flyknit Cheap Nike Vapormax Off White Cheap Old Skool Platform Cheap Vans Old Skool Cheap Vans Old Skool Black Cheap Vans Old Skool Womens Cheap Vans Old Skool Womens Cheap Vans Old Skool Pink Air Max 2018 Shoes Sale Air Max 2018 Clearance