China's GDP forecast for 2013 raised to 7.7%

But growth will still be modest.

According to Barclays, it raised its 2013 and 2014 GDP forecasts 10bp, to 7.7% and 7.2%, respectively, but
continue to look for economic growth to soften modestly.

Here's more:

The government likely will maintain its targets of 7.5% for GDP growth, 3.5% for inflation, and 13% for M2 growth for 2014. This would imply tighter liquidity, higher interest rates, and slower economic growth.

Economic data since September have been mixed. Strength in industrial production was sustained by improving exports. IP growth rose to 10.3% y/y in October from 10.1% in Q3, and export growth improved to 5.6% from 3.9% (November: 12.7%). On the other hand, softening fixed asset investment and imports suggests decelerating momentum in demand.

FAI growth moderated to 20.1% y/y, YTD through October from 20.3% in August, led by weaker growth in infrastructure and property investment.

Import growth slowed to 5.3% in November from 7.6% in October. Although the headline NBS PMI held at 51.4 in October-November, the new orders component edged down for the third consecutive month.

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