labels: economy - general
China''s GDP estimates revised upwards news
02 April 2007

Beijing: Estimates for China''s GDP growth for 2007 are being revised upwards, with virtually all major economic indexes in January and February 2007 having exceeded their performance in the same period last year.

Early last month the Chinese government forecast that the country''s GDP would grow by about eight per cent this year, after four consecutive years of double-digit growth, including 10.7 per cent GDP growth last year, the fastest in a decade.

Analysts say the lower growth was an attempt to shift to slower but quality growth over over one driven by large numbers.

Deputy director of the institute of economic research of the National Development and Reform Commission, Chen Dongqi reported, "GDP growth in the first quarter will be faster than in the equivalent period last year and also that of the previous quarter."

The state information centre has adjusted its GDP growth forecast for the first quarter from 10.2 per cent to about 11 per cent.

Despite the government last year adopting a number of tightening measures, economic growth has shown clear signs of rebounding in the past quarter.

Statistics show that urban fixed-asset investment picked up moderately to 23.4 per cent year-on-year in January-February, and from about 20 per cent in the fourth quarter of last year, reversing the trend of a gradual slowdown since last July.

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China''s GDP estimates revised upwards