Biz China's economic growth to hit 9% this year: Deutsche Bank 2010-Jan-12 10:24:35
China's economic growth would hit 9 percent in 2010 with exports making bigger contribution to it, a senior economist said?in Beijing?Monday.
Ma Jun, Deutsche Bank Greater China chief economist, said at an investment forum that exports would play a bigger role in boosting China's economic expansion in 2010.
"Investment's contribution to China's economic growth is expected to drop from 80 percent in 2009 to 50 percent this year, and domestic consumption will likely remain stable," he said.
Ma's estimate of China's economic growth was the same as what the Chinese Academy of Social Sciences, the government's think tank, predicted in December, and higher than the World Bank's estimate of 8.7 percent.
China's GDP expanded 8.9 percent in the third quarter in 2009, accelerating from 7.9 percent in the second quarter and 6.1 percent in the first, fueled by the growing domestic consumption and the government's economic stimulus package rolled out since November 2008.
Ma also said inflation and asset bubbles were the main challenges facing the country this year.