China wins applause as economic recovery accelerates
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"Rainbow of recovery"
Jia said a quick implementation of the stimulus package had successfully reversed the downward trend of the economy and quarterly GDP growth had picked up notably in the first three quarters.
"When the 8.9 percent GDP growth for the third quarter was released, it cleared away panic in the market," he said.
Official figures showed China's GDP grew 8.9 percent year on year in the third quarter, accelerating from 7.9 percent in the second quarter and 6.1 percent in the first. For the first three quarters, the annualized GDP growth reached 7.7 percent.
"There is no doubt that China can achieve the 8-percent growth target. Most economic figures look very good," said Jia.
According to the National Bureau of Statistics, China's industrial output in November, which measures the activities of nearly 430,000 large industrial enterprises nationwide, jumped better-than-expected 19.2 percent year on year. In the first 11 months, the growth rate was 10.3 percent.
The industrial production is key to China's manufacturing-based economy. In 2008, it accounted for 43 percent of China's total GDP of 30.1 trillion yuan and contributed 42.8 percent to China's GDP growth.
Also in November, China's imports rose 26.7 percent from a year earlier, beating market expectations and reflecting increasing domestic demand.
Last month, China's power consumption soared 27.63 percent year on year, up for the sixth consecutive month since June.
Even in hardest-hit Yuhang, recent economic data were inspiring.
"Most economic figures are quite good, with some even better than our expectations. (Yuhang's) fiscal revenue this year is expected to jump by 20 percent year on year to 10 billion yuan," said Zhu Jinkun.
He maintained that the Chinese economy was seeing a rainbow of recovery after the financial storm.
Jia Kang agreed. "We can see the rainbow, but it is not a splendid one. With more hard working, the rainbow will make us more exciting," he said.
Robert Lawrence Kuhn, an international investment banker and senior adviser at Citigroup, also agreed, but cautiously.
"We are indeed seeing a 'rainbow' of renewed economic growth after the 'wind and rain' of the global financial crisis and worldwide recession -- but we quietly hope that the 'rainbow' is not an mirage," he told Xinhua via email.
