20 February 2013 07:00 [Source: ICIS news]
SINGAPORE (ICIS)--China’s GDP growth is predicted to grow by 8% in the first quarter of 2013 compared with 7.9% in the fourth quarter of 2012, an economist from State Information Center (SIC) said on Wednesday.
China’s economy growth is expected to be stable following an initial rise in 2013 on the back of factors such as overseas demand and policies, the economist of SIC said.
The main drive of the economy growth is increasing house and car sales since the fourth quarter last year, an analyst from China Investment Securities said.
China is gradually shifting from exports and attracting investments to expanding sales domestically to raise GDP growth amid weak global economy, another analyst said.
China's foreign direct investment (FDI) inflows fell by 7.3% to $9.27bn (€6.95bn) in January from a year earlier. In particular, manufacturing sector inflows fell by 5.8% to $4.43bn in January from a year earlier, according to Ministry of Commerce.
The decline of FDI data is attributed to the relocation of some foreign manufacturers’ factories out of China in light of increasing labour costs, some analysts said.
($1 = €0.75)
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