China's first-quarter GDP increased 6.1 percent over the previous year, which may be a strong performance in the global context but is the lowest rate for China in many years. China's urban fixed-asset investment in the first five months rose 32.9 percent year on year. However, the robust growth was mainly a result of investment on government-sponsored infrastructure projects.

Buchanan still expressed his optimistic attitude towards China's recovery, "In our view, the growth rate at the moment in China quarter on quarter is very strong. What we care most is not the year on year growth but sequential. We think it is already very strong. "

"China's economy has already bottomed out from my point of view and will see a V-shaped recovery this year. Currently, it is climbing on the right side of 'V'," said Robert D. Hormats, Vice Chairman of Goldman Sachs (International) when asked by Xinhua.

Hormats stated that the 4 trillion yuan stimulus package launched by Chinese government to boost domestic demand and provide support to 10 key industries have started to yield successful results. Banks also are active to lend money to infrastructure companies. Those factors will lay solid foundation for the continuity of China's economic recovery.

At the same time, he pointed out the biggest challenge facing China's economy. "China needs to make more efforts to expand domestic demand, which is necessary to offset the continuous slump of export, an engine for Chinese overall economic growth."

(Xinhua News Agency June 15, 2009)