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International institutions revise up China economic forecasts
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13:46, June 15, 2009

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Recently George Soros, world-renown investor and founder of Quanta Fund, made several addresses on different occasions during his visit to cities in China. He said that the economy of China is beginning to recover and is now going to grow faster than expected.

At present, there is still great dispute over whether the global economy is near its lowest point. But the recovery of the Chinese economy has been acknowledged by most international economic institutions and economists. China's package of plans aiming to counter against the global economic crisis has won worldwide praise.
  
June 5, CEO of Citigroup Vikram Pandit said during an interview at the St. Petersburg Economic Forum that, soon China, India and Russia are going to be the engine for the economic growth of the world.
 
IMF managing director Dominique Strauss-Kahn said in an interview that he is greatly inspired by China's measures to stimulate the economy. We have been asking capable countries to take measures to stimulate the economy; China took the lead and has made fast fiscal reaction. This is a good model for the world economy. Chinese government has implemented a series of measures to stimulate economy since last November. The large-scale measures focusing on infrastructure and domestic expenditure are very proper. I also welcome the recent measures implemented by Chinese government to improve the health care system, increase employment and cut tax. These measures can not only stop the economic recession but also promote long-term development of the economy.
 
June 8, World Bank president Zoellick expressed at the 15th International Economic Forum of the Americans in Montreal, Canada, that China's economic recovery might be better than expected and this would help the world fight against the crisis. Previously, at the spring meetings of World Bank and IMF, Zoellick had emphasized the importance of expanding investment in infrastructure and pointed out the successful experience of China. Zoellick said, "We must channel investment to infrastructure. During the Latin American and Asian crises, infrastructure investment was slashed with long-term, negative consequences. Yet China invested in infrastructure both to create jobs and to build a foundation for future powerful growth. And we have seen results in investment which has removed bottlenecks to increased productivity."

Meanwhile, based on positive judgment on the future economic situation in China, international financial institutions like Goldman Sachs, UBS Securities and Morgan Stanley, all raised their expectation of China's economic growth in 2009.

Goldman Sachs raised expectation of China’s GDP growth in 2009 from 6% to 8.3%. Goldman Sachs said that in the first quarter, especially in March, increases in real economy, currency and credit in China all exceed its previous expectation. Therefore Goldman Sachs raised its expectation of economic growth for China in 2009.

UBS Securities raised the expected GDP growth rate for 2009 from 6.5% to 7%-7.5. UBS Securities said that the domestic economy has shown signs of recovery under the government's stimulus policies.

Morgan Stanley thought that the economic situation in the first quarter was not as bad as expected and the effect of Chinese government's policies also exceeded its expectation. Therefore, expectation of GDP growth should be raised since the economy is speeding up its recovery. Morgan Stanley raised the expected GDP growth rate of China in 2009 from 5.5% to 7%.

By People's Daily Online

http://paper.people.com.cn/rmrb/html/2009-06/15/content_274529.htm



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