BoCom report: China to enter upward growth period in 2010

11:01, January 31, 2010      

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The Bank of Communications (BoCom) said on Saturday that China would enter a new round of upward economic growth cycle in 2010.

But the lender warned the country to watch out assets bubbles, inflation risks and accelerated inflow of international capital in 2010, said a report issued by China's fifth largest bank in terms of assets.

China's GDP growth was expected to top 10.4 percent in 2010 with sharp growth rate in the first half and relatively slow growth rate in the second half, according to the report.

The economy would be boosted by inborn driving powers including stepped up urbanization and quick and stable development in real estate and automobile sectors, said BoCom chief economist Lian Ping.

China would not experience obvious inflation despite slight consumer prices pickups, according to the report.

China had experienced an upward growth cycle from 2003 to 2007, the first one in the century, before a correction during the global financial crisis from 2008 to 2009, Lian said.

This is the fourth year for the lender to issue forecast on Chinese macro-economy.

Source: Xinhua
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