China’s economy is set to expand at a faster rate this year than last year’s 7.8% amid policy easing and credit extension, Moody’s Investors Service said in a report yesterday.
Recent data pointed to an economic rebound in China, which suggests gross domestic product growth will likely hit the upper half of the 7.5% to 8.5% range this year, the report said.
China’s exports jumped 25% year on year in January while imports surged 29%, giving a trade surplus of USD29.2 billion.
Moody’s said economic growth may range between 7% and 8% over the next five years through 2017 due to continued financial market reforms and the introduction of sound regulations.
But Moody’s warned that unchecked non-bank financing such as the wealth management products may exert pressure on the financial system.
~ Shanghai Daily, February 21, 2013 ~