China's GDP growth to hit 8.5 percent this year: ADB
Beijing, April 11 (IANS) China's economic growth is set to moderate slightly over the next two years but will exceed 8 percent on the back of strong investment, rising private consumption and a more stable global economy, the Asian Development Bank (ABD) said Wednesday.
In its annual economic report released at a press conference in Beijing, Paul J. Heytens, ADB country director for China, said China's GDP growth in 2012 is forecast at 8.5 percent, with the priority of macro policy expected to shift from fighting inflation to stabilizing growth.
Supported by stronger global growth momentum, China's economy is likely to expand by 8.7 percent in 2013, reported Xinhua citing the ADB report.
The ADB expected China's exports and imports to increase by around 15 percent and 18 percent in 2012, respectively. The contribution of net exports to GDP growth is projected to remain negative, and the trade surplus will continue narrowing, it said.
China has aimed to increase the volume of total exports and imports by around 10 percent year-on-year in 2012, a sharp slowdown from last year when China's imports and exports rose 22.5 percent year-on-year to $3.64 trillion.
Nominal private consumption is expected to grow by almost 12 percent in both 2012 and 2013, boosted by continued employment and wage growth as well as increased government social expenditure, according to the ADB report.
China's economy expanded by 9.2 percent in 2011 to 47.16 trillion yuan (about $7.50 trillion) from a year earlier when it grew 10.4 percent in 2010.
Read More: China | Bank Bazar | Bank Road | State Bank Of Hyderabad | State Bank Of India | China Nandigama | China Garlapadu | State Bank Of Mysore Colony | State Bank Colony | Vennar Bank So | Reserve Bank Building | Reserve Bank Nm Ltd. | Rose Bank Ndso | Jalpaiguri Bank . | Red Bank | Bank Harpur So | Bank | China Dhab | Mohana Bank | Right Bank Tenughat S.o.
DEEPIKA PADUKONE WAS THE FIRST CHOICE FOR RANVEERS KILL DIL
September 29, 2014 at 2:42 PM
Ashraf Ghani sworn in as Afghan president
September 29, 2014 at 2:35 PM
PM Modi wins hearts of Hindu activists at Madison Square Garden in New York
September 29, 2014 at 2:18 PM
Rajnath Singh and Kiren Rijiju applauds NDMA on its 10th foundation day
September 29, 2014 at 2:15 PM
WILL REVAMP, RESTRUCTURE NDMA TO BOOST EFFICIENCY: RAJNATH
September 29, 2014 at 1:54 PM
In line with other ministers, Ram Vilas Paswan picks up broom for PM s Clean India Mission
September 29, 2014 at 1:45 PM