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China's GDP to grow 9% in Q3: Economist

(Xinhua)
Updated: 2009-07-28 16:52

BEIJING: China's economy showed more signs of recovery and was likely to grow around 9 percent in the third quarter, a senior economist told Xinhua Tuesday.

Wang Xiaoguang, director of Macroeconomics Division of Institute of Economic Research of the National Development and Reform Commission, made the remarks in response to a latest report on China's economic growth in the third quarter.

China's economy was forecast to grow 8.9 percent in the third quarter year on year, according to the report released by the National School of Development under the Peking University Monday on its Web site.

Wang Tao, an economist with UBS Securities and one of the experts on this forecast panel, said China could achieve the set goal of 8 percent economic growth for the full year.

"Credit expansion and revival in the real estate sector make us have a bright outlook for the economy," Wang said.

Related readings:  Residents' income growing faster than GDP: NBS  Latest GDP figure is right on the money, says official  8% GDP growth goal for 2009 achievable - former banker  Morgan Stanley raises 2009 growth forecast  China GDP grows 7.1% in first half '09

Chinese banks lent a record 7.37 trillion yuan (1.08 trillion US dollars) in the first half to shore up the economy.

"China's economy was in the V-shaped recovery course. The government stimulus package could help the country achieve the 8 percent economy expansion goal, while the next priority for China is creating more jobs," said Sun Chunming, an economist with Nomura Securities.

The government unveiled a 4-trillion-yuan stimulus package last November and presented various industry stimulus plans this year to shore up the economy.