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Developing Asia's robust recovery from the global crisis is gaining further momentum, the Asian Development Bank (ADB) says in its annual flagship economic publication Asian Development Outlook 2010 Update.

As developing Asia’s recovery from the global crisis gains firm hold, medium- and long-run growth will re-assert itself as the region’s top economic priority. The central challenge now facing the region is to transform its V-shaped recovery into sustained growth beyond the recovery.

The resurgent People’s Republic of China’s (PRC) economy remains on track to grow 9.6% this year, and 9.1% in 2011, but policymakers will need to boost domestic consumption to make growth more sustainable and inclusive in the long term, says the Asian Development Bank (ADB) in a major new report.

From January to August, the industrial profits of enterprises above designated size achieved 2600.5 billion yuan, a year-on-year increase of 55%. The profits of State-owned and State-holding Industrial Enterprises gained 842.3 billion yuan, up by 67.5%; that of collective-owned enterprises amounted to 47.1 billion yuan, up by 35.8%; that of Share-holding Corporation Ltd amounted to 1405.6 billion yuan, up by 53.4%; that of enterprises with funds from Hong Kong, Macao and Taiwan, and Foreign Funded Enterprises reached 744.1 billion yuan, up by 54.5%; that of private enterprises gained 671.5 billion yuan, increased 50.9% year-on-year.

Most global investors expect China to become the world’s biggest economy over the next two decades, and they are divided over whether that will help or hurt the economies of other industrialized countries.

China consumed an estimated 35.54 million metric tons (mt) of oil in August, 7.6% higher than the corresponding month of last year, but a continuing decline from June's all-time peak, according to a just-released Platts analysis of official data from the People's Republic of China.

The Conference Board Leading Economic Index® (LEI) for Korea declined 0.7 percent and The Conference Board Coincident Economic Index®(CEI) increased 0.6 percent in July.

The Conference Board Leading Economic Index® (LEI) for China increased 0.5 percent, and The Conference Board Coincident Economic Index® (CEI) also increased 0.5 percent in July.

In August, the total value added of the industrial enterprises above designated size was up 13.9 percent year-on-year, or 0.5 percentage point higher than that in July 2010; in the first eight months of this year, it was up 16.6 percent year-on-year, which was down by 0.4 percentage point over that in the first seven months of 2010.

The Conference Board Leading Economic Index® (LEI) for Japan decreased 0.1 percent, while The Conference Board Coincident Economic Index® (CEI) increased 0.6 percent in July.