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China's GDP growth to top 7% in Jan-Sept

(Xinhua)
Updated: 2009-10-19 19:33

BEIJING: China's gross domestic product (GDP) growth in the first three quarters should exceed 7 percent, Xiong Bilin, deputy director general of the Industry Department of the National Development and Reform Commission (NDRC), said Monday.

The specific GDP growth figure in the first three quarters is scheduled to be released Thursday.

Few difficulties stood in the way of China realizing its annual target -- made early this year -- of 8 percent GDP growth year on year, said Xiong at a press conference highlighting production overcapacity.

Related readings:  China's fiscal revenue up 33% in September  Forex reserve rises as trade slump eases  China foreign investment up 19% in Sept  China received $7.9 billion FDI in September  China's power consumption continues to rise in Sep  Fresh lending tops 500b yuan in Sept

The government's 4-trillion-yuan ($586 billion) stimulus package, rolled out in November last year, contributed much to China's economic recovery, Xiong said.

China's GDP growth was 7.1 percent in the first half over the same period last year with 6.1 percent in the first quarter and 7.9 percent in the second.

The NDRC would mainly redress production overcapacity in six sectors, including steel, cement, plate glass, the coal-chemical industry, polycrystalline silicon and wind power equipment, said Xiong.

The NDRC also warned of obvious production overcapacity in sectors like electrolytic aluminum, ship manufacturing and soybean oil extraction.