Economic Trend News
- Double-digit growth predicted for 2008
Date: 6-Dec-2007 Sources: (Shenzhen Daily)
THE country will see a sixth consecutive year of double-digit economic growth in 2008, despite government efforts to bring about a slowdown, a government think tank was quoted as saying yesterday.
Asia's second-largest economy is forecast to expand by about 11 percent in 2008, down just marginally from this year's prediction of 11.6 percent growth, the China Securities Journal reported.
It cited an authoritative annual economy bluebook released by the Chinese Academy of Social Sciences, the nation's top government think tank.
Consumer inflation was likely to rise 4.5 percent this year and 4 percent next year, the paper said, citing the think tank.
The report said a tendency of economic overheating was getting worse, and that excessive economic growth, particularly growth in investment spending, should be reduced.
'The authorities must make up their minds to slow the economic growth and try to keep the gross domestic product growth below 11 percent,'Chen Jiagui, deputy director of the State think tank, was quoted as saying. 'A level of around 9 percent would be best.'
As part of its efforts to rein in the economy, this year China has raised interest rates five times and increased the money banks must keep on reserve nine times.
It has also stepped up restriction on lending and land supplies, as well as administrative controls in some sectors such as the property market
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