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China's GDP to grow around 9% in Q3: report

(Xinhua)
Updated: 2009-07-28 15:56

China's economy showed more signs of recovery and was likely to grow around 9 percent in the third quarter, a senior economist said Tuesday.

Wang Xiaoguang, director of Macroeconomics Division of Institute of Economic Research of the National Development and Reform Commission, made the remarks in response to a latest report on China's economic growth in the third quarter.

China's economy was forecast to grow 8.9 percent in the third quarter year-on-year, according to the report released by the National School of Development under the Peking University Monday on its Web site.

Related readings:  Economists discuss China's accelerated GDP growth   China GDP grows 7.1% in first half '09  China's GDP grows 7.9% in Q2 WB ups China GDP rate  China GDP forecast raised

Wang Tao, an economist with UBS Securities and one of the experts on this forecast panel, said China could achieve the set goal of 8 percent economic growth for the full year.

"Credit expansion and revival in the real estate sector make us have a bright outlook for the economy," Wang said.

Chinese banks lent a record 7.37 trillion yuan ($1.08 trillion) in the first half to shore up the economy.

"China's economy was in the V-shaped recovery course. The government stimulus package could help the country achieve the 8 percent economy expansion goal, while the next priority for China is creating more jobs," said Sun Chunming, an economist with Nomura Securities.

The government unveiled a 4-trillion-yuan stimulus package last November and presented various industry stimulus plans this year to shore up the economy.