China's GDP growth rate is 9.8% this year

According to a report released yesterday by JPMorgan Chase, China's GDP growth rate is expected to slow in the second half of this year, with a forecast of 9.8% and 8.6% per cent for 2010 and 2011, respectively, in view of the slowdown in global economic growth in Tang　　The overall macroeconomic policy environment in the second half of this year may be more favourable than the first half. Wang Yu, China's chief economist at JPMorgan Chase, said China's buoyant demand in the second quarter could slow in the second half of the year, but the slowdown in industrial production is poised to stabilise. "Due to differences in domestic supply and demand, we believe that Chinese industrial enterprises are significantly reducing inventories, especially in the commodity sector, so the end of the inventory adjustment is expected to boost the momentum of industrial production." "The report notes that in the third quarter, China's export chain growth or will slow to a single-digit level, or even decline." Meanwhile, investment in China's domestic public sector will cool, but private investment in fixed assets is continuing to grow steadily. As a result, the agency expects GDP growth in the third and fourth quarters of the year to be 7.5% and 8.1%, respectively, in the second half, with no significant decline in China's GDP growth.