China's economy to pick up speed: experts

Last Updated: Monday, July 2, 2012 - 09:18

Beijing: China's economy will grow at a faster pace in the second half of 2012 on rising investment, exports and expanding housing market, experts said.

"We are confident that China will see a U-shaped economic recovery in 2012," the Centre for China in the World Economy (CCWE) said in a report on the economy.

The centre has forecast a GDP growth of 8 percent in the first half and 8.4 percent for the whole year, Xinhua reported Sunday.

Li Daokui, head of CCWE and former central bank advisor, said the economy is "showing healthy signs of stabilisation".

In the first five months, exports rose by 8.7 percent to USD 774.4 billion. Year-on-year export growth rose from 4.9 percent in April to 15.3 percent in May.

"The negative effects of slow export growth are gradually declining," the Beijing-based centre said.

The housing market has seen rising prices this year, showing the sector is recovering. These changes will promote investment and contribute to economic growth, it said.

IANS

First Published: Monday, July 2, 2012 - 09:18

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