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China's 2010 GDP may expand by 11%, economist says
By Wang Yanlin |
August 9, 2010, Monday
|
Online Edition
Online Edition
CHINA'S economy may grow 10 to 11 percent on an annual basis this year based on more fiscal spending, a senior government economist said, striking a more bullish note on the economy than other analysts.
Zhang Yutai, head of the Development Research Center, a thinktank under the State Council, China's Cabinet, said if the fiscal expenditures can achieve the target of an 11.4 percent increase this year, China's gross domestic product is expected to rise 10 percent.
"If the government spending is even more than that, the GDP growth may reach 11 percent from last year," Zhang said, according to a report published today in the Shanghai Securities News.
Some fiscal expenditures are channeled as government investment into infrastructure construction, education, healthcare and subsidies for start-up businesses. More government expenditures can help raise domestic demand and stimulate the economy, Zhang said.
In the first half, China's fiscal spending gained 17 percent from a year earlier to 490.8 billion yuan (US$72.3 billion), while the fiscal revenue jumped 27.6 percent to 433.4 billion yuan.
Zhang said China's overall economy has maintained a stable growth momentum, and a slower pace in recent months only represented small adjustments which were required to cool the economy.
China's economic expansion moderated to 10.3 percent from a year earlier in the second quarter, down sharply from 11.9 percent in the first three months.
Zhang Yutai, head of the Development Research Center, a thinktank under the State Council, China's Cabinet, said if the fiscal expenditures can achieve the target of an 11.4 percent increase this year, China's gross domestic product is expected to rise 10 percent.
"If the government spending is even more than that, the GDP growth may reach 11 percent from last year," Zhang said, according to a report published today in the Shanghai Securities News.
Some fiscal expenditures are channeled as government investment into infrastructure construction, education, healthcare and subsidies for start-up businesses. More government expenditures can help raise domestic demand and stimulate the economy, Zhang said.
In the first half, China's fiscal spending gained 17 percent from a year earlier to 490.8 billion yuan (US$72.3 billion), while the fiscal revenue jumped 27.6 percent to 433.4 billion yuan.
Zhang said China's overall economy has maintained a stable growth momentum, and a slower pace in recent months only represented small adjustments which were required to cool the economy.
China's economic expansion moderated to 10.3 percent from a year earlier in the second quarter, down sharply from 11.9 percent in the first three months.
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