Bank of China, one of China's big four state-owned commercial banks, has stated in a report that China's gross domestic product (GDP) growth is expected to rebound to 7.8 percent in the third quarter of this year, amid acceleration of urbanization and recovery of consumption and exports. China's GDP growth for the second quarter this year is estimated at 7.6 percent, according to the preliminary figure from Bank of China. If new incentive policies are issued by the central government, China's GDP growth for the third quarter could reach eight percent year on year.
The Bank of China report indicated that China's overall retail sales value is expected to see growth of 12.9 percent in the second quarter this year and growth of 13 percent in the third quarter, both year on year.
Meanwhile, according to the report, China's total fixed asset investments in China are expected to indicate an increase of 20 percent in the second quarter and to rise by 21 percent in the third quarter, both year on year.
As for foreign trade, the new export order sub-index of China's manufacturing PMI for the second quarter is expected to remain below 50 percent due to the sluggishness of the global economy and the strength of the Chinese currency. China's overall export and import values are expected to increase by seven percent and six percent year on year in the second quarter, and to rise by eight percent and five percent year on year respectively in the third quarter.
According to Bank of China, China's consumer price index (CPI) for the second quarter is expected to increase by 2.3 percent year on year, lower than the 2.4 percent year-on-year growth in the first quarter. China's CPI for the third quarter is expected to increase by 2.4 percent year on year, while the CPI for the whole of 2013 is expected to be below three percent
