China's GDP to grow fast but hurdles on horizon
Source: Xinhua |
January 11, 2010, Monday
|
Print Edition
Print Edition
CHINA'S economy is forecast to be in the fast lane in 2010, but mounting difficulties still loom on the horizon, according to leading economists.
"The investment and economic growth have gained great momentum, and China's gross domestic product is likely to grow at 10 percent year on year in 2010," said Hu Angang, director of the Center for China Study of Tsinghua University in Beijing.
China's GDP expanded 8.9 percent in the third quarter in 2009, accelerating from 7.9 percent in the second quarter and 6.1 percent in the first, fueled by growing domestic consumption and the government's economic stimulus package that was rolled out in November 2008.
"China's investment and industrial growth have picked up steam, and the domestic consumption has stabilized due to an array of governmental stimulus measures," said Jia Kang, president of the Research Institute for Fiscal Science at the Ministry of Finance.
Lian Ping, chief economist with the Bank of Communications, believed that China's economy would see a more robust growth compared with last year, as rising domestic consumption on the back of residents' higher income and improving exports would bolster the economic growth through 2010.
Lian held that the strong real estate and automobile markets in China would continue to give a boost to investment and consumption.
Despite hopes for the robust economic growth, experts said China should focus more on its economic restructuring.
"China needs growth, but a more sustainable development pattern featuring improved growth quality and a better economic structure is essential to the economy," Hu said.
Problems including overcapacity in some industries and weak private investment loomed large against the backdrop of the economic downturn, Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, said.
"The investment and economic growth have gained great momentum, and China's gross domestic product is likely to grow at 10 percent year on year in 2010," said Hu Angang, director of the Center for China Study of Tsinghua University in Beijing.
China's GDP expanded 8.9 percent in the third quarter in 2009, accelerating from 7.9 percent in the second quarter and 6.1 percent in the first, fueled by growing domestic consumption and the government's economic stimulus package that was rolled out in November 2008.
"China's investment and industrial growth have picked up steam, and the domestic consumption has stabilized due to an array of governmental stimulus measures," said Jia Kang, president of the Research Institute for Fiscal Science at the Ministry of Finance.
Lian Ping, chief economist with the Bank of Communications, believed that China's economy would see a more robust growth compared with last year, as rising domestic consumption on the back of residents' higher income and improving exports would bolster the economic growth through 2010.
Lian held that the strong real estate and automobile markets in China would continue to give a boost to investment and consumption.
Despite hopes for the robust economic growth, experts said China should focus more on its economic restructuring.
"China needs growth, but a more sustainable development pattern featuring improved growth quality and a better economic structure is essential to the economy," Hu said.
Problems including overcapacity in some industries and weak private investment loomed large against the backdrop of the economic downturn, Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
