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February 8, 2010

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Home » Business » Economy

Economy to lift, scientifically speaking

A TOP Chinese think tank has predicted that the nation's economy will rebound further in 2010, with gross domestic product expanding about 10 percent year on year.

Among the three economic engines, investment is expected to contribute 6.3 percentage points to GDP growth, while consumption will contribute 4.2 percentage points.

Net exports, however, would drag down the growth rate by 0.5 percentage points, the Center for Forecasting Science, under the umbrella of the Chinese Academy of Sciences, said in a report released at the weekend.

GDP may expand 11 percent in the first quarter and see a moderate slowdown for the rest of the year, the report said.

The annual GDP growth rates for the second, third and fourth quarters are projected at 10.2 percent, 9.5 percent and 9.8 percent, respectively.

Investment would continue to increase as a result of the government's economic stimulus measures, with focuses on agriculture, transportation, and industries related to people's livelihoods, the report said.

It said annual investment growth would slow from 30.1 percent in 2009 to 25 percent this year.

Foreign trade is expected to see a marked recovery as overseas demand rises due to the general world economic bounceback.

Total value of foreign trade will advance 17.6 percent year on year, with exports up 16.6 percent and imports up 18.9 percent, according to the report.

It also estimated that the consumption price index, a major gauge of inflation, would rise 3.06 percent from a year earlier, as a combination of economic revival, ample liquidity and inflationary expectations drove up the prices.

The producer price index would jump 5.22 percent year on year, it said.

National Bureau of Statistics data showed the economy expanded 8.7 percent last year, of which investment growth contributed 8 percentage points, consumption 4.6 percentage points, while net exports dragged down GDP growth by 3.9 percentage points due to sluggish demand.


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