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Bullish China report helps allay bulker fears

Bullish China report helps allay bulker fears

New YorK: An upbeat economic forecast from US investment bank Goldman Sachs released earlier this month should help to allay some of the concerns of bulk shipowners as they prepare to commission record volumes of tonnage - some 25m dwt next year, according to Clarksons. Goldman predicts the Chinese economy will continue its cracking pace of growth over the next two years, partly because Chinese consumers themselves will be spending more. The report forecasts that China's GDP will grow by 9.8% in 2007 and 10% in 2008. This compares with the country's National Bureau of Statistics' estimates that the economy grew by 10.7% in the first nine months of the year.  [14/12/06]

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