ADB re­vises China’s GDP ex­pan­sion up­ward to 10.1pc

The Pak Banker - - Company& -

BEI­JING: The Asian Devel­op­ment Bank has re­vised its fore­cast of China's eco­nomic growth this year to 10.1 per­cent from a Septem­ber es­ti­mate of 9.6 per­cent.

The Asian Devel­op­ment Bank has re­vised its fore­cast of China's eco­nomic growth this year to 10.1 per­cent from a Septem­ber es­ti­mate of 9.6 per­cent.

China's faster-than-ex­pected eco­nomic ex­pan­sion will help emerg­ing East Asia to grow 8.8 per­cent this year, up from a pre­vi­ous es­ti­ma­tion of 8.4 per­cent, the ADB said in its lat­est edi­tion of Asia Eco­nomic Monitor re­leased yes­ter­day.

But it said the weaker out­look for the global econ­omy as well as the phas­ing out of fis­cal and mon­e­tary stim­u­lus within the re­gion would mean that eco­nomic growth in the re­gion should mod­er­ate in 2011.

The ADB pre­dicted China's econ­omy may ex­pand 9.1 per­cent and East Asia by 7.3 per­cent next year. The ADB's pro­jec­tions dif­fered from those in an­other re­port re­leased yes­ter­day by the Chi­nese Academy of So­cial Sci­ences, which pre­dicted China's econ­omy to grow 9.9 per­cent this year and pick up to nearly 10 per­cent in 2011.

"With the V-shaped re­cov­ery in hand, many emerg­ing East Asian economies now face new chal­lenges," the ADB re­port said. "They should try to man­age strong growth and cap­i­tal flows amid a weaker ex­ter­nal en­vi­ron­ment." In sev­eral Asian economies, in­clud­ing China, in­fla­tion has ex­ceeded tar­gets with surg­ing cap­i­tal in­flows fu­el­ing as­set price bub­bles. Mean­while, a weaker-and longer-than-ex­pected re­cov­ery process in ad­vanced economies will fur­ther de­lay pol­icy nor­mal­iza­tion, in­crease eco­nomic dis­tor­tions and lower long-term growth prospects, the re­port said. The ADB sug­gested coun­tries in East Asia should pro­mote pol­icy co­or­di­na­tion to meet these new chal­lenges. -PB News

IS­LAM­ABAD: Dr. Nadeem-ul-Haq, Deputy Chair­man Plan­ning Com­mis­sion of Pak­istan ad­dress­ing at 25th an­niver­sary cel­e­bra­tions of SAARC. -App

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