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Caijing Survey Shows China Q3 GDP Growth at 9%

10-21 15:23 Caijing

Accelerated industrial production, robust domestic consumption and rapid fixed-assets investment growth have combined to propel China's growth in the third quarter to its fastest pace in a year.

By staff reporter Zhong Liang

(Caijing.com.cn) China's gross domestic product may grow 9 percent year-on-year in the third quarter, according to a Caijing survey of 21 economists from selected financial institutions and universities. 

Growth forecasts for the quarter ranged from 8.5 to 9.5 percent, with 15 out of the 21 economists forecasting the world's third-largest economy may have grown by more than 9 percent in the period, citing accelerated industrial output, robust domestic consumption and rapid fixed-asset investment growth.

Retail sales growth exceeded 15 percent year-on-year in both July and August, and a Caijing survey of 20 economists earlier projected growth of 15.6 percent in September.

Industrial output was up 12.3 percent year-on-yea in August, the highest rate of growth since September 2008.

Fixed-asset investment has consistently been up by around a third on last year, driven by spending on infrastructure projects under the government's 4-trillion-yuan stimulus package.

China's GDP grew 6.1 percent year-on-year in the first quarter and 7.9 percent in the second, resulting in first-half growth of 7.1 percent. The National Bureau of Statistics will release official GDP figures and economic indicators on Oct. 22.

A person familiar with the issue told Caijing on Oct. 20 that the economy grew 9.1 percent year-on-year in the third quarter.

Xiong Bilin, a National Development and Reform Commission official, said on Oct. 19 that China's economy grew more than 7 percent in the first three quarters, adding that the country is on track to meet its target of 8 percent growth in the full-year.

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Full article in Chinese: http://www.caijing.com.cn/2009-10-20/110288031.html

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