China’s GDP expected to grow by 11.2 pct in 2007

18 September 2007

Beijing, China, 18 Sept – The Chinese economy is expected to grow by 11.2 percent this year as compared with a previous projection of 10 percent driven by exports, strong investment and consumption, according to a report from the Asian Development Bank.

The report, which was issued Monday at a Beijing press conference said that the Chinese economy would see growth of 10.8 percent in 2008, which is an increased projection from the 9.8 percent previously set.

Zhuang Jian, the chief economist of the permanent mission of the ADB in China, said that growth of 11.5 percent in the first half of 2007, which was the highest since 1994, had been due to industry, particularly in sectors such as steel, electricity, chemical products and processing oil.

The ADB report added that the Consumer Price Index (CPI) was expected to rise by 4.2 percent this year and 3.8 percent in 2008 against previous projections of 1.8 percent and 2.2 percent, respectively.

The report also said that China’s exports would increase by 20 percent and imports by 16 percent in the second half of 2007, making the trade surplus for the year settle at US$300 billion, or a rise of 60 percent against 2006.

In the first half, China’s exports rose 27.6 percent and imports rose by 18.2 percent raising the trade surplus to US$112.5 billion. (macauhub)