'Fresh China stimulus unlikely soon'
China's incoming leadership change is unlikely to spur fresh economic stimulus measures anytime soon, according to global miner Rio Tinto , which sells tens of millions of tonnes of iron ore, copper and coal to China annually.
The forces for a big stimulus are pretty limited, Rio Tinto's chief economist Vivek Tulpule told reporters.
Earlier rounds of stimulus helped drive global iron ore and coal prices to record highs. This in turn translated into soaring profits for the likes of Rio Tinto and other mega-miners, including BHP Billiton and Xstrata .
Since then, an economic downdraft has seen Chinese growth slow for seven successive quarters and left 2012 on course to be the weakest full year of growth since 1999 -- albeit at a 7.7 percent clip that is the envy of developed economies.
The Chinese Communist party's week-long congress is due to anoint a new generation of leaders, but is also an opportunity for senior officials to hash out or defend policies.
Rio Tinto expects economic growth in China to rise to at least 8 percent in 2013 and average 8-9 percent to 2015, a more bullish view than the global miner's main rivals.
China is scheduled on Friday to release a string of data, including industrial output and retail sales, expected to show modest growth recovery in the world's No.2 economy.
Rio Tinto, the world's No.2 iron ore miner, sees Chinese growth picking up from below 8 percent this year as a new government in Beijing relaxes restrictions on real estate investment and pushes infrastructure spending, which will drive demand for steel and in turn iron ore, its chief economist said.
On balance we're seeing some green shoots and an expectation next year that the GDP growth rate will have an 8 in front of it, at least 8 percent, maybe on the low side of that, Tulpule said.