In its latest quarterly update, the Asian Development Bank has left unchanged its growth forecast for China this year at 7.7%, with 8.1% growth still seen in 2013. The Bank says that October’s rebound in industrial production likely signaled the end to the third quarter soft patch. Retail sales also remained resilient.
Despite the weakness the Bank sees in the global economy, it expects China’s fourth quarter growth at 7.7% to exceed that of the second and third quarters, and that growth will again top 8% in the first quarter of 2013. The Bank sees growth in other East Asian economies slowing, however. It trimmed its 2012 forecast for the region to 6.4% from the 6.5% it forecast in October, and that for 2013 to 7.0% from 7.1%.