China GDP Growth, GDP Growth China, Chinese GDP Growth

As per 2007 estimates, China has a total GDP (purchasing power parity) of about $6.9 trillion. This country has played an integral role in boosting Asian economy. However, like in most other countries, global economic meltdown has affected Chinese GDP growth too. Asian Development Bank (ADB) has lowered its Chinese economic growth expectations. In comparison to its previous-year high forecast of 9.5 percent, ADB has predicted an annual China GDP growth of 8.2 percent.

Slowdown in Chinese economy
From September 2008 onwards, Chinese economy has been experiencing a slowdown. Annualized GDP growth in 3rd quarter has fallen to around 9 percent from high growth rate of 10.4 percent for 1st quarter of this year. World Bank forecast puts expected GDP growth at 7.5 percent for next year. That would be lower than growth rate of 7.6 percent, experienced by China in 1999, as a result of Asian Financial Crisis. But Chinese Academy of Social Sciences (CASS) predicted a growth rate of 9.3 percent for 2009.

China GDP composition
According to 2007 estimates, agriculture accounts for more than 40 percent of China's total GDP, industry contributes around 25 percent, and services total 32 percent (2006 estimates).

Stimulus package
To boost China GDP growth, a stimulus package of 4 trillion yuan was announced by its national government on November 9, 2008. Chinese local government also announced a stimulus package, which raised total amount to 18 trillion yuan.

Can Chinese GDP maintain 8 percent growth?
It depends on how Chinese local governments utilize national stimulus package. If local governments can be proactive in using this stimulus package, more than 8 percent growth rate is achievable for China in 2009. Decline in raw material prices coupled with Chinese government's moves to increase supply of agricultural products, nationals can be assured against rising prices.

Losers and gainers
Chinese manufacturing sector had a major role to play in the economic slowdown in China. Export sector has been doing decently well, and is expected to touch 17 percent growth in fourth quarter of year 2008-09. China's trade surplus is slated to touch $273 billion. That would be higher than previous year figure of $262.2 billion.

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