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China forecasts 10.7% Q2 growth
By Wang Yanlin |
May 7, 2010, Friday
|
Online Edition
Online Edition
CHINA'S economy is expected to grow 10.7 percent annually in the second quarter, moderating from the surge of 11.9 percent in the first three months, and the economy is not overheated, a government report said today.
Thanks to robust domestic demand, China's economy will still expand on a fast track in the April-June period.
But the pace will slow from peak expansion in the first quarter due to smaller growth in investment, according to the State Information Center, a unit under the National Development and Reform Commission, the country's top economic planner.
The center said that retail sales will continue to be stimulated by the "old for new" program which encourages consumers to trade in their used appliances, while people's growing income and the World Expo 2010 Shanghai will also contribute to keeping its fast growth momentum.
Retail sales may expand 19 percent in the second quarter, up from the increase of 17.9 percent in the first three months, the report said.
Investment, however, will expand at a slower pace after China tightened credit loans to avoid economic overheating and curb asset bubbles. Urban fixed-asset investment is expected to gain 24.5 percent in the second quarter, slower than a rise of 25.6 percent in the January-March period.
Exports, the sector hardest hit by the global financial crisis, may climb 25 percent in the second quarter, staging a strong rebound from last year's slump. Imports may surge 35 percent.
Thanks to robust domestic demand, China's economy will still expand on a fast track in the April-June period.
But the pace will slow from peak expansion in the first quarter due to smaller growth in investment, according to the State Information Center, a unit under the National Development and Reform Commission, the country's top economic planner.
The center said that retail sales will continue to be stimulated by the "old for new" program which encourages consumers to trade in their used appliances, while people's growing income and the World Expo 2010 Shanghai will also contribute to keeping its fast growth momentum.
Retail sales may expand 19 percent in the second quarter, up from the increase of 17.9 percent in the first three months, the report said.
Investment, however, will expand at a slower pace after China tightened credit loans to avoid economic overheating and curb asset bubbles. Urban fixed-asset investment is expected to gain 24.5 percent in the second quarter, slower than a rise of 25.6 percent in the January-March period.
Exports, the sector hardest hit by the global financial crisis, may climb 25 percent in the second quarter, staging a strong rebound from last year's slump. Imports may surge 35 percent.
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