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GDP to grow faster in Q2: former banker

By Ding Qi and Tong Hao (chinadaily.com.cn)
Updated: 2009-07-04 11:03

China's GDP growth in the second quarter of this year will be higher than that of the first quarter, and the 8-percent growth target set for this year is likely to be achieved, a former central bank governor said Friday.

"The BRIC countries (Brazil, Russia, India and China) will continue to be the fastest-growing countries in the world," Dai Xianglong, former head of the People's Bank of China, the central bank, said on the sidelines of the Global Think Tank Summit in Beijing.

Special Coverage: 2009 Global Think Tank Summit Related readings:  WB raises China 2009 growth forecast to 7.2%  China's economy has bottomed out: expert  Premier: Economy at critical moment for recovery  Experts sceptical on nation achieving 9% growth target

"China's economic growth in the second quarter will be faster than the first quarter, and with efforts China can attain its goal of 8 percent growth for the whole year,"he said.

"During the past 30 years, average annual growth of China's economy was higher than 9 percent, but it's hard to achieve that rate in the coming decade,” he said. Dai didn't give his forecast for the country's GDP growth for the next decade.

It would be beneficial if China's GDP grows 7 percent in the next year, given the unfavorable world economic situation, according to Dai.

Dai is currently the chairman of the National Council for Social Security Fund of China.

China's GDP grew 6.1 percent in the first quarter this year, the slowest growth in more than a decade.

In June, the World Bank's report estimated China's GDP will grow by 7.2 percent in 2009.