China's economic growth well on recovery track (3)

ECONOMIC GROWTH PICKS UP

China's gross domestic product (GDP) has dropped for seven consecutive quarters since 2011, but as the impetus for growth is on the rise, the GDP of the fourth quarter will take a turn for the better and the economic growth of the whole year will be around 7.8 percent, according to industry watchers.

Chinese economy will rebound slightly and the year-on-year growth rate will rise to 7.7 percent to 7.8 percent in the fourth quarter from 7.4 percent in the third quarter, said Wang Yiming, deputy director of Macroeconomic Research Institute of the National Development and Reform Commission.

The recovery has been underway since September due to a series of macroeconomic policies and recovering global market demand, said Zhang Liqun, a State Council Development Research Center analyst said.

Internally, Lian Ping said, the domestic demand will pick up in the fourth quarter, thus further driving up the economic growth.

And externally, as the European debt crisis got alleviated gradually and the situation of consumption, housing, employment and stock markets in the U.S. was improved, the global economic situation will be better than in the first half of the year, which will be conducive to the recovery of China's export industry.

Therefore, Lian said, "In the short term, it will be all the more certain that the economic growth in the fourth quarter will be on the rise."

He predicted that the economic growth in the fourth quarter will be between 7.8 percent and 8 percent, and the growth for the whole year will be around 8 percent. Taking into consideration of the continuation of the recovery in the fourth quarter, the economic growth in the next year will shore up to 8 percent to 8.5 percent.

Ma Jun, Deutsche Bank's Chief Economist for Greater China, held the similar view, saying that although China's export was dim due to the dwindled demand from Europe and the U.S., stable economic growth was still predictable as the recent recovery didn't rely on the export.

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