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ADB more bullish about China's economic growth
By Wang Yanlin |
December 7, 2010, Tuesday
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Online Edition
Online Edition
THE Asian Development Bank today upgraded its projection for China's economic growth this year to 10.1 percent from a September forecast of 9.6 percent.
In its latest edition of Asia Economic Monitor, the bank said China's faster-than-expected expansion will help emerging East Asia to grow 8.8 percent this year, up from a previous estimate of 8.4 percent.
In 2011, China's economy may gain 9.1 percent and that of East Asia 7.3 percent.
It said the weaker outlook for the global economy, coupled with phasing out of fiscal and monetary stimulus within East Asia, means economic growth in the region should moderate next year.
The results differed a bit from another report released today by the Chinese Academy of Social Sciences, which predicted the country's economy may expand an annualized 9.9 percent this year and accelerate to nearly 10 percent in 2011.
"With the V-shaped recovery in hand, many emerging East Asian economies now face new challenges," the ADB report said. "They should try to manage strong growth and capital flows amid a weaker external environment."
In several economies, inflation has exceeded targets with surging capital inflows, fueling asset price bubbles. Meanwhile, a weaker- and longer-than expected recovery process in advanced economies will further delay policy normalization, increasing economic distortions and lowering long-term growth prospects, the report said.
In its latest edition of Asia Economic Monitor, the bank said China's faster-than-expected expansion will help emerging East Asia to grow 8.8 percent this year, up from a previous estimate of 8.4 percent.
In 2011, China's economy may gain 9.1 percent and that of East Asia 7.3 percent.
It said the weaker outlook for the global economy, coupled with phasing out of fiscal and monetary stimulus within East Asia, means economic growth in the region should moderate next year.
The results differed a bit from another report released today by the Chinese Academy of Social Sciences, which predicted the country's economy may expand an annualized 9.9 percent this year and accelerate to nearly 10 percent in 2011.
"With the V-shaped recovery in hand, many emerging East Asian economies now face new challenges," the ADB report said. "They should try to manage strong growth and capital flows amid a weaker external environment."
In several economies, inflation has exceeded targets with surging capital inflows, fueling asset price bubbles. Meanwhile, a weaker- and longer-than expected recovery process in advanced economies will further delay policy normalization, increasing economic distortions and lowering long-term growth prospects, the report said.
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