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China 2005 GDP growth forecast at over 9%
www.chinanews.cn 2005-11-10 09:30:47
A Chinese worker assembles an engine at a motorbike factory in Chongqing.
China's central bank said it expects the economy to motor ahead with
growth in gross domestic product (GDP) expected to surpass 9.0 percent,
with a rise in inflation of about 2.0 percent. [AFP]
Chinanews, Beijing, Nov. 9 (By Li Peng) - The People's Bank of China
(PBC) predicts that this year China's national economy will keep a
favorable trend and the GDP growth rate will exceed 9%, with CPI around
2%.
According to PBC's China Monetary Policy Report Quarter Three 2005
released today, consumption, investment and net export will continue to
work together and accelerate the economic boom. As to consumer demands,
at present income of urban residents grows rapidly, deposit interest
rates are relatively low, construction of social security systems is
improving, and all of these factors will stimulate consumer demands.
Regarding import and export, the overall global economy is likely to keep
a momentum of growth in favor of China's export increase. However the
return of trade protectionism in some developed countries brings about
some uncertain factors.
In view of CPI statistics, price control and other factors, although
China's price indices have declined to different degrees, there is little
chance of deflation, while pressure on inflation still remains.
PBC also warned that in the fourth quarter, China should pay extra
attention to issues about oversized fixed-asset investment, worsening
imbalance between import and export, and unreasonable export structure.
In the first three quarters of 2005, China's actual GDP growth recorded
9.4%, and CPI rose 2% year on year.
��China GDP to exceed 15 trillion yuan in 2005
&nb
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