Latest News:  
Beijing   Cloudy/Overcast    0 / 5   City Forecast

People's Daily Online>>China Business

GDP growth forecast reduced

By Wang Yanlin  (Shanghai Daily)

08:19, November 30, 2011

The debt crisis in the eurozone and a falling domestic property market prompted another two huge financial institutions yesterday to cut their forecast of China's economic growth next year.

The gross domestic product in the world's second-largest economy may expand 8 percent in 2012 from a year earlier, down from a previous estimate of 8.3 percent, UBS AG said.

Meanwhile, Citigroup Inc also lowered its forecast of China's economic growth next year to 8.4 percent from 8.7 percent.

"The much weaker eurozone growth will affect the rest of the world, including China," UBS economist Wang Tao said in a note. "We expect China's exports to decline in early 2012, and as a result of this, we cut the country's growth forecast."

Citigroup, on the other hand, viewed a correction in China's property sector may slow the economy's growth rate, along with the debt crisis in Europe and a possible third round of quantitative easing in the United States.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Medvedev, Putin meet supporters in Moscow

  2. Oh deer, I think I love you

  3. Beijing experiences its 1st snow this winter

  4. Black-headed gulls migrate from Siberia to China's Kunming

Most Popular


  1. Why is China's financial sector going global?
  2. World needs safety net against euro crisis
  3. US-Pakistan anti-terrorism coalition close to collapse
  4. China's schools on the way up
  5. What is to be done with Syria?
  6. UK mass strike shows steep learning curve
  7. China-Myanmar ties challenged by US moves
  8. China and India mustn't go for the throat
  9. Germany needs wisdom to save euro
  10. Egypt's chaos: No end in sight

What's happening in China

Full of the joys of life in prison

  1. Beijing revising housing rules
  2. Hospital head dismissed over baby scandal
  3. Injured in stable condition after blast kills two
  4. Yachting sector surfing a wave of high interest
  5. 6 schoolchildren hurt in minibus rollover accident

PD Online Data

  1. The lion dance in Guangzhou
  2. The flower fair in Guangzhou
  3. Lion dances pay New Year calls in Guilin
  4. Jiangsu´s special New Year traditions
  5. Hakka traditions in Spring Festival