--Ecuador continues negotiating $1.7 billion loan with the China Development Bank Corp.

--The Andean country is seeking financing from China and other sources for the $12 billion Refineria del Pacifico

(Updates with comment from central bank president.)

By Mercedes Alvaro

Of Dow Jones NEWSWIRES

QUITO -(Dow Jones)- Ecuadorean central bank President Pedro Delgado said Thursday that the country's gross domestic product is expected to grow 4.37% next year.

"The important thing is the quality of growth and that growth is sustainable," Delgado told reporters.

The Andean country has forecast the economy will grow 5.35% in 2012, with 6.10% growth in the nonoil sector and 0.28% growth in the oil industry.

Ecuador's economy expanded 7.78% in 2011, up from 3.58% in 2010.

Economists say that the engine for growth last year was high oil prices and external financing, especially from China, which increased liquidity in the economy and helped the administration of President Rafael Correa to invest in roads and infrastructure as well as boost social spending.

Delgado also said that Ecuador is continuing negotiations for a $1.7 billion loan from the China Development Bank Corp., and it is also seeking financing from China for the construction of the $12 billion Refineria del Pacifico, a joint project between Ecuador and Venezuela's state oil companies.

"We are seeking financing not only from China but also from other sources," he said.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com