China's economy estimated to grow 12% in Q1

10:10, March 29, 2010      

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China's economic growth will probably reach 12 percent in the first quarter in 2010, after rising 10.7 percent in the last quarter of 2009, a government researcher said.

Yu Bin, head of macroeconomic research at the State Council Development Research Center, told the Shanghai Securities Journal that the Chinese economy would face “heavy downward pressure” on the pace of growth in the second quarter and thereafter, as China's central government will be forced to take more effective measures to curb bank lending and control inflation.

The newspaper also quoted Fan Jianping, a senior economist with the State Information Center, a think-tank affiliated with the State Development and Planning Commission, as forecasting 12.0 percent GDP growth in the first quarter, followed by 10.8 percent growth in the second quarter and 9 percent or so growths in the third and fourth quarters.

China's GDP growth picked up steadily last year to 10.7 percent in the fourth quarter, as aggressive government stimulus spending and a fairly loose bank credit policy ushered in a strong economic growth after a heavy blow from the global financial crisis in late 2008 and early 2009.

The latest industrial output data showed robust 20.7 percent year-on-year growth for January and February, although China's industry minister Li Yizhong said that the pace of growth could not be sustained.

By People's Daily Online
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