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ADB predicts China's economic growth at 9.6% this year
By Wang Yanlin |
September 28, 2010, Tuesday
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Online Edition
Online Edition
DESPITE recent signs of moderation in China's economy, the Asian Development Bank upheld its forecast for the country's growth this year at 9.6 percent.
In the Asian Development Outlook 2010 Update released today, the Manila-based bank said China's growth pace may soften to 9.1 percent next year, taking into account the phasing out of the stimulus policies.
"A V-shaped economic recovery in 2009 was underpinned by very expansionary fiscal and monetary policies," the report said. "Strong investment and, to a lesser extent, growth in consumption largely offset the impact of shrinking external demand. Allowing for some adjustment, expansionary policies will continue this year. Coupled with a stronger global economy, China's gross domestic product growth is forecast to accelerate."
China's economy managed to grow 11.1 percent in the first half, with the pace decelerating to 10.3 percent in the second quarter from 11.9 percent in the first three months.
The country showed signs of economic moderation in recent months, with weakening industrial growth and investment, while consumer spending has yet to see a tremendous boost.
The bank also predicted China's consumer prices, a main gauge of inflation, may rise 3.6 percent this year from 2009, higher than the government's target of containing it within 3 percent.
The bank attributed the higher prices to the rising costs of oil and commodities.
"But the upward pressure on prices will be offset to some extent by the expected tightening of monetary policy," the report said. It predicted the country's inflation will slow down to 3.2 percent in 2011.
In the Asian Development Outlook 2010 Update released today, the Manila-based bank said China's growth pace may soften to 9.1 percent next year, taking into account the phasing out of the stimulus policies.
"A V-shaped economic recovery in 2009 was underpinned by very expansionary fiscal and monetary policies," the report said. "Strong investment and, to a lesser extent, growth in consumption largely offset the impact of shrinking external demand. Allowing for some adjustment, expansionary policies will continue this year. Coupled with a stronger global economy, China's gross domestic product growth is forecast to accelerate."
China's economy managed to grow 11.1 percent in the first half, with the pace decelerating to 10.3 percent in the second quarter from 11.9 percent in the first three months.
The country showed signs of economic moderation in recent months, with weakening industrial growth and investment, while consumer spending has yet to see a tremendous boost.
The bank also predicted China's consumer prices, a main gauge of inflation, may rise 3.6 percent this year from 2009, higher than the government's target of containing it within 3 percent.
The bank attributed the higher prices to the rising costs of oil and commodities.
"But the upward pressure on prices will be offset to some extent by the expected tightening of monetary policy," the report said. It predicted the country's inflation will slow down to 3.2 percent in 2011.
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