Wed, April 21, 2010
Business > Economy

China's economy to grow by 10% in 2010: IMF

2010-04-21 13:58:26 GMT2010-04-21 21:58:26 (Beijing Time)  Xinhua English

WASHINGTON, April 21 (Xinhua) -- Powered by strong domestic demand, China's economy is expected to grow by 10 percent in 2010, said the International Monetary Fund (IMF) on Wednesday.

"In China, GDP growth exceeded the government's 8 percent target in 2009 and is expected to be close to 10 percent in both 2010 and 2011. What has been so far mainly a publicly driven growth path, built on infrastructure investment, is expected to turn toward stronger private consumption and investment," said the IMF in its latest World Economic Outlook report.

"Boosting domestic consumption will be a priority in China, through improved access to finance for small enterprises and households and stronger corporate governance and social safety nets to reduce precautionary saving," said the IMF.

According to the report, in which the IMF said Asia's GDP is projected to grow by 7 percent in both 2010 and 2011, the strength in final domestic demand in China is expected to have positive spillovers for other Asian economies, particularly exporters of commodities and capital goods.

In the report, the IMF said "the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies."

The world economy, which declined by 0.6 percent in 2009, will recover gradually in 2010 and 2011, growing by 4.2 percent and 4.3 percent respectively, said the IMF.

Related:

U.S. economy to grow 3.1% in 2010: IMF

IMF says world output projected to rise by 4.25% this year

Mideast, North Africa recovering at good pace: IMF

Japan's economy to be "tentatively" recovered in 2010: IMF

India's economy to grow nearly 9 percent in 2010: IMF

Europe's economic recovery to be modest in 2010: IMF

Russia's economy to grow by 4 percent in 2010: IMF

Africa coming through crisis well: IMF

Latin America's economy to grow by 4 percent in 2010: IMF

ASEAN's economy to grow by 5.4 percent in 2010: IMF

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