China likely to grow at 8.8% in 2012
Source: Xinhua |
December 7, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S growth is expected to grow 8.8 percent in 2012, according to the latest Asia Economic Monitor report, issued by the Asian Development Bank yesterday.
The semi-annual report assessed the 10 ASEAN (Association of Southeast Asian Nations) economies as well as those of the Chinese mainland, Hong Kong, Taiwan and South Korea.
The Chinese mainland growth may remain the highest in the region, at 8.8 percent in 2012, 0.3 percentage point lower than the forecast in September. Hong Kong's growth forecast was cut from 4.7 percent to 4 percent in 2012. The economic crisis in the United States and Europe will slow Chinese exports, the report said.
Economic growth in emerging east Asia will continue to moderate into 2012 as growing sovereign debt problems in Europe and an anemic US economy raise the spectra of a deep global economic downturn, the ADB said.
The ADB cut its forecast for the region's growth in 2012 to 7.2 percent from the 7.5 percent forecast in the September Asian Development Outlook 2011 Update. Growth is still forecast at 7.5 percent for this year.
In the event that both the eurozone and the US economies contract sharply, the impact on emerging east Asia would be serious yet manageable, the report said.
"The turmoil emanating from Europe poses a growing danger to trade and finance within emerging east Asia, so the region's policymakers must be prepared to act promptly, decisively and collectively to counter what could be an extended global economic slowdown," said Iwan J. Azis, head of ADB's Office of Regional Economic Integration, which produced the report.
The semi-annual report assessed the 10 ASEAN (Association of Southeast Asian Nations) economies as well as those of the Chinese mainland, Hong Kong, Taiwan and South Korea.
The Chinese mainland growth may remain the highest in the region, at 8.8 percent in 2012, 0.3 percentage point lower than the forecast in September. Hong Kong's growth forecast was cut from 4.7 percent to 4 percent in 2012. The economic crisis in the United States and Europe will slow Chinese exports, the report said.
Economic growth in emerging east Asia will continue to moderate into 2012 as growing sovereign debt problems in Europe and an anemic US economy raise the spectra of a deep global economic downturn, the ADB said.
The ADB cut its forecast for the region's growth in 2012 to 7.2 percent from the 7.5 percent forecast in the September Asian Development Outlook 2011 Update. Growth is still forecast at 7.5 percent for this year.
In the event that both the eurozone and the US economies contract sharply, the impact on emerging east Asia would be serious yet manageable, the report said.
"The turmoil emanating from Europe poses a growing danger to trade and finance within emerging east Asia, so the region's policymakers must be prepared to act promptly, decisively and collectively to counter what could be an extended global economic slowdown," said Iwan J. Azis, head of ADB's Office of Regional Economic Integration, which produced the report.
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