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China's economic growth looks set to accelerate into the new year, with booming factory production driving figures of a December manufacturing survey to a 20-month high.
The survey, released on Friday, also showed the rapid pace of activity pushing up costs such as labor and raw materials to a 17-month high in the country, potentially complicating efforts of officials who want to maintain growth-friendly policies without driving inflation expectations.
The official purchasing managers' index, an indicator of economic activity, jumped to 56.6 in December from 55.2 in the previous month, the China Federation of Logistics and Purchasing said on Friday.
It was the 10th consecutive month of expansion and the biggest monthly rise since March.
Zhang Liqun, a researcher with the Development Research Center of the State Council, said the rising index suggested that the Chinese economy has further consolidated its recovery, and shows that Chinese manufacturers have gathered momentum heading into 2010.
"We expect China's strong economic growth momentum to continue in 2010, with the major source of growth coming from a broad-based improvement in private consumption and further strengthening in private housing investment, with a solid recovery in exports," Jing Ulrich, chairman of China equities, JP Morgan in Hong Kong, said.
Chinese demand has given a welcome boost to economies of many neighboring countries over the last year, as Western markets remain weak.
South Korea said on Friday that its exports to China between Dec 1 to 20 were up 74.4 percent to $54.23 billion, while exports to the USA in the same period grew only 8.7 percent.
China's economy shot back to double-digit growth in 2009, giving a lift to countries such as Australia and USA, which have been able to feed our mighty economy's voracious appetite for commodities.
We expect China's economy to grow more than 9 percent in 2010.
The survey, released on Friday, also showed the rapid pace of activity pushing up costs such as labor and raw materials to a 17-month high in the country, potentially complicating efforts of officials who want to maintain growth-friendly policies without driving inflation expectations.
The official purchasing managers' index, an indicator of economic activity, jumped to 56.6 in December from 55.2 in the previous month, the China Federation of Logistics and Purchasing said on Friday.
It was the 10th consecutive month of expansion and the biggest monthly rise since March.
Zhang Liqun, a researcher with the Development Research Center of the State Council, said the rising index suggested that the Chinese economy has further consolidated its recovery, and shows that Chinese manufacturers have gathered momentum heading into 2010.
"We expect China's strong economic growth momentum to continue in 2010, with the major source of growth coming from a broad-based improvement in private consumption and further strengthening in private housing investment, with a solid recovery in exports," Jing Ulrich, chairman of China equities, JP Morgan in Hong Kong, said.
Chinese demand has given a welcome boost to economies of many neighboring countries over the last year, as Western markets remain weak.
South Korea said on Friday that its exports to China between Dec 1 to 20 were up 74.4 percent to $54.23 billion, while exports to the USA in the same period grew only 8.7 percent.
China's economy shot back to double-digit growth in 2009, giving a lift to countries such as Australia and USA, which have been able to feed our mighty economy's voracious appetite for commodities.
We expect China's economy to grow more than 9 percent in 2010.