CHINA'S ECONOMIC GROWTH TO EXCEED 10% IN Q4: CHINA CONSTRUCTION BANK

Tue. November 03, 2009; Posted: 01:09 AM

BEIJING, Nov 03, 2009 (AsiaPulse via COMTEX) -- CICHF | Quote | Chart | News | PowerRating -- China's economic growth would exceed 10 per cent in the fourth quarter due to climbing export orders and increasing domestic consumption, according to a report issued by China Construction Bank (CCB))SSE:601939) Tuesday.

The report said China's full year economic growth would reach 8.3 per cent, compared with Asian Bank's forecast of 8.2 per cent in September and HSBC's 8.1 per cent this week.

As the economy rebounded, both investor and consumer confidence would rise in the fourth quarter, which would further strengthen the economic recovery.

The National Bureau of Statistic said last week China's purchase management index rose to 55.2 per cent in October, an increase of 0.9 percentage points from the previous month, indicating the economy was on an upward trend.

As developed countries showed more signs of economic recovery, China's exports would pick up with trade surplus expected to reach US$250 billion this year, said the report.

Automobile sales in the world's third-biggest economy broke the five million mark in the first nine months due to tax cuts and stimulus measures, indicating China's domestic demand was expanding fast.

Though China's economic growth accelerated to 8.9 per cent year on year in the third quarter, the fastest pace within a year, the economic recovery was not solid yet and there were still many uncertainties ahead.

The government should keep monetary policies relatively loose and avoid withdrawing stimulus measures too early, said the report.

(XIC) rw

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