NSB: China GDP set to grow by almost 8% in 2Q09

Power output turnaround in june? national energy bureau reported that power output increased 3.8%yoy during the second 10 days of june vs negative 0.17% in the first 10 days. surprisingly guangdong province was the start performer with 12.3%yoy jump. both export-heavy provinces of jiangsu & zhejiang also reported positive growth of 2.6% & 9.6% respectively. reason cited of course for the turnaround was the jump in industrial output, especially steel & other commodities. nonetheless 2H las yr was a low base for power output as the bohai region scaled down production, especially from heavy industries, ahead of the olympics games. chief beneficiary for turnaround in power output is huadian power (1071 hk) with the highest sensitivity (7.2%) to utilisation rate.

Economy
NSB: China GDP set to grow by almost 8% in 2Q09
China's economy, which has hit the bottom in this recession, may grow by nearly 8% in 2Q09, said an analyst of the National Bureau of Statistics yesterday. "China's economy has shown signs of rebound," Guo Tongxin said in an article published on the bureau's Website. "Judging from the data, the bottom in this recession should have been touched in the fourth quarter of last year or the first quarter of this year." (Shanghai Daily)