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Expert: China to sustain strong growth in H2

07-16-2010 09:06 BJT Special Report:China’s Economic Data of H1 in 2010 |

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Experts forecast China will continue to record strong growth, in the second half this year. They say a second dip in the economy is unlikely, and that a another stimulus package won't be necessary.

Last year, the central government unveiled its 4-trillion-yuan investment plan. Many projects funded by the plan are ongoing and contributing to the country's investment levels.

Domestic consumption has grown by 18.2 percent in the first half of this year, and the trend is likely to continue. And foreign trade is also on a steady rise, as the global economy recovers from the financial crisis.

Fan Jianping, Director of Information Center, NDRC said "The figure for economic growth in the second half this year looks lower because of last year's high growth. But it will still be within a reasonable range."

There's widespread fear that Europe's debt crisis might drag the global economy to a second dip, and another round of stimulus measures will be necessary.

But experts say given the solid performance of China's economy in the first half this year, further incentives won't be needed.

Ha Jiming, Senior Economist of China International Capital Corporation Ltd. said "I don't think there will be a second dip, so there's no need for a further stimulus package. Stimulus measures in other countries have all achieved their aims. But public debt, money supply and loans have all climbed to a high level. If another raft of strong incentives is issued, it wouldn't have the same effect as the previous round because people will doubt the sustainability in long run."

Exports remain China's pillar industry, recording a stunning 35 percent growth in the first half of this year. But the potential impact of the European debt crisis continues to cast a shadow over the country's outlook.

Editor:Xiong Qu |Source: CCTV.com

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