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Economy to grow no less than 10.5% in first quarter

(Xinhua)
Updated: 2007-04-05 16:13

China's official economists are raising their economic growth forecasts to predict a rise of at least 10.5 percent in the first quarter.

Related readings:
 GDP forecasts revised after strong start
 China's economy growth to keep 10% in 2007: ADB
 Wen confident in maintaining economic growth

 
China to move away from energy-intensive growth

China's GDP growth rate would exceed 11 percent in the first quarter on the back of an export boom, increasing consumption and high investment, said an analyst with the Economic Institute of the National Development and Reform Commission (NDRC).

He predicted the economy would grow faster this year than in 2006.

Research institutions have adjusted their forecasts with news that exports and consumption rose rapidly in the first two months. The economy was previously expected to grow by nine to 10.2 percent in the first quarter, and at or below 10 percent for the year.

The State Information Center under the State Council has raised its forecast for the GDP growth rate from 10.2 percent to around 11 percent in the first quarter.

Foreign trade in the first quarter would copy the first two months to maintain rises of at least 30 percent in exports and 20 percent in import, said the analyst with NDRC.

Li Huiyong, of Shenyin Wanguo Securities, expected an export growth rate of 40.4 percent and imports to rise by 22 percent in the first quarter.
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