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Economic figures for the third quarter indicate a further slowdown (2)

By Zhou Xiaoyan (Beijing Review)

08:18, October 22, 2012

The GDP is likely to grow 7.7 percent year on year in the fourth quarter and exceed the government's target of 7.5 percent for the whole year, Xu predicted.

"Judging from macroeconomic figures in the first three quarters, the country can reach its goal of 7.5-percent GDP growth in 2012 without any doubt," said Wang Xiaoguang, Director of the Department of Strategy and Development at the Economic Research Institute of the National Development and Reform Commission (NDRC). "GDP growth in the next quarter is bound to pick up."

China's GDP growth is estimated to be 7.8 percent in 2012 and 8.2 percent in 2013, according to the IMF's recently released World Economic Outlook.

"Over 7-percent GDP growth is nothing to sneeze at," said Richard D'Aveni, a professor of strategic management at Dartmouth's Tuck School of Business. "Reports of China's imminent demise have been exaggerated."

Having recently returned from China, D'Aveni believes the recent slowdown is a short-term concern and China's long-term prospects remain bright.

"Everybody's apoplectic about slowing growth but they're still growing five times faster than the United States," he told the finance show Yahoo Daily Ticker.

Beyond that, D'Aveni is impressed with China's attempt to transition from an export-led economy to one driven by domestic demand. China's market is the world's largest and rising incomes will continue to generate demand for goods and services, he said.

"The Chinese Government has many more tools to manage a bubble than we do in the United States or than Japan had when their bubble burst," D'Aveni said. "They have so much control over the economy they can make it work. You can't count them out. They will stimulate their economy out of this situation."

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