China's economic growth will pick up in the fourth quarter after slowing for seven consecutive quarters, due to booming domestic consumption and increasing infrastructure investment, according to a media report released Sunday. The world's second largest economy is expected to grow by 8.4% year-on-year in the October-December period, up from the 7.4% growth seen in the third quarter, the lowest level since the first quarter of 2009, according to the report released by the Institute of Economic Research of Renmin University of China.
The report also forecast that the full-year economic growth would be around 8% in 2012, down 1.3% from 2011. Liu Yuanchun, deputy director of the institute, said the country's current economic slowdown is different from the financial crises seen in the 1997-1998 and 2008-2009 periods, as there are no signs of mass unemployment nor deflation although the economic growth has fallen for consecutive months.
Liu said he expects the country's economy to expand quarter on quarter in 2013 and that the real economic growth will likely reach 9.3% on a year-on-year basis.
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