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IMF forecasts 10.5% annual China growth
By Wang Yanlin |
July 8, 2010, Thursday
|
Online Edition
Online Edition
THE International Monetary Fund upgraded its forecast for China due to the country's better-than-expected performance in the first half, according to its latest report.
It projected China's economy would grow 10.5 percent on an annual basis this year, up 0.5 percentage point from the previous prediction made in April. Growth projections in developing Asia were revised to 9.2 percent for 2010 from 8.7 percent.
"Economic activity in Asia has been sustained by continued buoyancy in exports and private domestic demand," the report said. "Exports have been boosted by the global and domestic inventory cycles and by recovery of final demand in some advanced economies. Private fixed investment has strengthened on the back of higher capacity utilization and the still relatively low cost of capital in the region."
China is scheduled to announce key economic data for the first half next week and some economists said the growth may be moderated slightlyt from the surge of 11.9 percent in the first quarter, which was the fastest in more than two years.
Compared with the IMF, the projection by the World Bank was more conservative. The bank said last month that it predicted China's growth would reach 9.5 percent this year and 8.5 percent in 2011.
It projected China's economy would grow 10.5 percent on an annual basis this year, up 0.5 percentage point from the previous prediction made in April. Growth projections in developing Asia were revised to 9.2 percent for 2010 from 8.7 percent.
"Economic activity in Asia has been sustained by continued buoyancy in exports and private domestic demand," the report said. "Exports have been boosted by the global and domestic inventory cycles and by recovery of final demand in some advanced economies. Private fixed investment has strengthened on the back of higher capacity utilization and the still relatively low cost of capital in the region."
China is scheduled to announce key economic data for the first half next week and some economists said the growth may be moderated slightlyt from the surge of 11.9 percent in the first quarter, which was the fastest in more than two years.
Compared with the IMF, the projection by the World Bank was more conservative. The bank said last month that it predicted China's growth would reach 9.5 percent this year and 8.5 percent in 2011.
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