China's Q4 economic growth predicted at 9.3%

10:03, January 12, 2011      

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Economic growth in the last quarter of 2010 may have further moderated, and is estimated to rise at 9.3 percent from 9.6 percent in the third quarter.

For the whole year, China's gross domestic product is expected to settle at 10.2 percent, analysts said. The quarterly slowdown was largely due to a higher comparative base in 2009, and ever-tightening monetary policies by Beijing to tame inflation.

China's consumer price index jumped 5.1 percent in November, the most precipitous rise in 28 months. With food prices now stabilizing, December's CPI, the main gauge of inflation, may ease to 4.4 percent on an annual basis.

"China's economic performance last year is better than expected," said Zhang Liqun, an economic analyst at the Development Research Center of the State Council.

The General Administration of Customs said on Monday that China's exports climbed 31.3 percent to US$1.58 trillion, while imports jumped to US$1.39 trillion, rising 38.7 percent over 2009.

A record $199 billion surge in foreign exchange reserves in the fourth quarter pushed China's stockpile, already the world's biggest, to $2.85 trillion, highlighting that money inflows from abroad was complicating Beijing's policy efforts to control money supply.

Chinese banks issued 7.95 trillion yuan in new loans last year, the central bank said on Tuesday, more than the 7.5 trillion yuan that the government wanted for the full year.

Determined to rein in rising prices, a source of public discontent, the government declared late last year that it would shift to a tighter or a more prudent monetary policy stance.

People's Daily Online


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