China's GDP growth for the second quarter of this year is likely to speed up to nearly 8 percent, a strong improvement on the 6.1 percent posted in the first quarter. The projection was made on Tuesday in a paper that was published on the web site of the National Bureau of Statistics.
Statistician at the NBS, Guo Tongxin, says he's basing his forecast on economic data from April and May. He thinks the Chinese economy has touched bottom and has begun to recover. To back this, he cited recent figures, such as growth in GDP and industrial production, as well as other encouraging rises in steel and power output.
Guo Tongxin says that the next stage for the economy is stabilization and improvement. But he also pointed out continued problems with flagging demand. He also singled out rising inflationary expectations as a potential risk, as a credit boom drives up the cost of raw materials both on domestic and international markets.
(CCTV June 24, 2009)
