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Economy to expand 8.5% this year, report forecasts

(Xinhua)
Updated: 2009-08-02 09:04

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

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

Special Coverage: China Biz & Economic Statistics Related readings:  Economist: China's economy rebounds, uncertainty still exists  China economy can grow 8% this year: FM  China's economy has bottomed out: expert  PM: Economy at critical moment of recovery

The report indicated that the country would achieve the set goal of 8 percent economic growth for the full year，contributed by a robust domestic investment and consumption.    

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 saw its economy growth slowed down amid the world financial crisis. Its gross domestic product grew 7.9 percent in the second quarter after sinking to 6.1 percent in the first three  months.