Sunday, August 2nd 2009 - 11:40 UTC

China expected to recover strongly in second half of 2009

China's economy would continue to recover from the world financial crisis in the latter half and expand at the rate of 8.5% for the whole year, said a report from the Bank of Communications on Sunday.

Comment

Latest reports indicate a strong rebound in domestic consumption and investments

The country's economic development was expected to accelerate the pace and expand at 9% in the third quarter and 9.8% in the fourth quarter, according to the report.

The report indicated that China would achieve the set goal of 8% economic growth for the full year boosted by a robust domestic investment and consumption, based on a well managed and harmonized stimulus program.

In the latter half, investment would represent fast increase, boosted by development from infrastructure construction, real estate, and the industrial sector, said the report.

China’s economic growth slowed down amid the world financial crisis. The country’s GDP expanded 7.9% in the second quarter after sinking to 6.1% in the first three months, according to the bank.