Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
ADB says China's economic recovery stronger than expected
+ -
16:43, September 22, 2009

 Related News
 Highlights of ADB report on developing Asia's economic outlook
 Economic growth of India to recover to 6% in 2009: ADB
 Economic growth of developing Asia to reach 3.9% in 2009: ADB
 China's economy to grow by 8.2% in 2009: ADB
 ADB to provide $780 mln to finance energy program in Pakistan
 Comment  Tell A Friend
 Print Format  Save Article
The Asian Development Bank on Tuesday raised its forecast for China's economic growth in 2009 to8.2 percent, from its previous forecast of 7.0 percent contained the Asian Development Outlook 2009 released in March.

Unveiling the Asian Development Outlook 2009 Update in Hong Kong, Asian Development Bank (ADB) Chief Economist Jong-Wha Lee said the bank also lifted the growth forecast for developing Asia's largest economy in 2010 to 8.9 percent from 8.0 percent.

"The 8 percent growth target for 2009 set by the (Chinese) government at the start of year now looks within reach ... and, in 2010, it will be in sight of the country's long-run sustainable growth range of about nine percent," Lee told reporters.

The surge in bank lending and fixed asset investments pushed the growth forecast for China in 2009 by 1.2 percentage points, Lee said.

The Chinese economy grew by 7.1 percent in the first half of 2009, driven by investment and consumption, which contributed 6.2 and 3.8 percentage points of the growth, respectively. These were offset by a 2.9 percentage points decline contributed by net exports, according the report.

Fixed asset investment in real terms soared 41.2 percent in the second quarter. Investments in agriculture and infrastructure, and public funding for projects related to health and social security all rose sharply, it said.

Industrial production regained momentum in the second quarter on restocking, the report said. But weak external demand and overcapacity in industries such as steel, cement and machinery pushed the total profits of enterprises down by 22.5 percent in the first five months.

The major drivers of growth in 2010 will be infrastructure investment, construction and the expansion of consumption. Net exports were expected to make only a minor contribution, as only a moderate recovery was forecast for the world economy.

ADB said it expected mild deflation to continue in China through most of this year, but that higher economic growth in 2010 would contribute to inflation, which was forecast to rise to three percent.

The Asia Development Outlook is the flagship publication of the Manila-based Asian Development Bank. The updated version of the report projected a growth of 3.9 percent for developing Asia in 2009, compared with the previous forecast of 3.4 percent.

Source: Xinhua



  Your Message:   Most Commented:
World's top ten most mysterious and horrible spots
Indian media stinks up public opinions
Which country has the most beautiful women?
Baby alien found by Mexican farmer
How do India's middle school textbooks portray China?

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90857/90862/6764761.pdf