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WB: China's economy to grow 8.5%, slowest in a decade
By Wang Yanlin |
October 19, 2010, Tuesday
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Online Edition
Online Edition
CHINA'S economy will grow at the slowest pace in a decade next year with gross domestic product increasing 8.5 percent in 2011 from this year's 9.5 percent, according to a forecast released by the World Bank today.
The moderating pace of China's economic expansion reflects the fading impact of the stimulus package and the normalization of monetary policy, the Washington-based bank said in its latest East Asia and Pacific Economic Update.
The prediction was the same as the one made in its China Quarterly Update released in June.
"The key drivers of growth have changed since the end of 2009," the report said. "Investment slowed, as a pickup in real estate investment offsets only partly a substantial weakening of government-led investment."
Despite of the tendency of a slower growth, the report said China's outlook remains favorable even though expansion in China's main export markets remains subdued. It said activity should be supported at least modestly in early 2011 from the end of administrative measures designed to meet energy efficiency targets.
China's economy still managed to expand 11.1 percent in the first half of this year, well above the bank's forecast of 9.5 percent for the whole year. The third-quarter key economic data will be released on Thursday.
Responding to such a prediction, experts said it may be good for China.
"China should tolerate slower economic growth as the country needs to adjust the structure of its economy after 30 years of high growth," said Zhu Baoliang, chief economist for the State Information Center. "We need to make efforts to expand domestic demand and stabilize overseas demand so as to keep economic growth at a stable level."
The moderating pace of China's economic expansion reflects the fading impact of the stimulus package and the normalization of monetary policy, the Washington-based bank said in its latest East Asia and Pacific Economic Update.
The prediction was the same as the one made in its China Quarterly Update released in June.
"The key drivers of growth have changed since the end of 2009," the report said. "Investment slowed, as a pickup in real estate investment offsets only partly a substantial weakening of government-led investment."
Despite of the tendency of a slower growth, the report said China's outlook remains favorable even though expansion in China's main export markets remains subdued. It said activity should be supported at least modestly in early 2011 from the end of administrative measures designed to meet energy efficiency targets.
China's economy still managed to expand 11.1 percent in the first half of this year, well above the bank's forecast of 9.5 percent for the whole year. The third-quarter key economic data will be released on Thursday.
Responding to such a prediction, experts said it may be good for China.
"China should tolerate slower economic growth as the country needs to adjust the structure of its economy after 30 years of high growth," said Zhu Baoliang, chief economist for the State Information Center. "We need to make efforts to expand domestic demand and stabilize overseas demand so as to keep economic growth at a stable level."
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