Oct. 19 (Bloomberg) -- China’s economy may grow 8.5 percent this year as the government’s stimulus package boosts investment and consumer spending, Caijing Magazine reported, citing a top researcher with the State Council, or cabinet.
Growth in the second half of this year may accelerate to more than 9 percent, Yu Bin, head of the macro-economic research department at the State Council Development and Research Center, was quoted as saying. China’s economy expanded 9 percent in 2008 and grew 7.9 percent between April and June from a year earlier.
Exports, which are likely to drop by 17 percent this year, will resume growth in 2010, rising 8 percent to 10 percent, Yu said.
The outlook for the property sector is uncertain, Yu said, adding that surging house prices may curb demand and sales.
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