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Senior researcher says China's growth won't slow down
By Wang Yanlin |
September 28, 2011, Wednesday
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Online Edition
Online Edition
CHINA'S economic growth will exceed 9 percent this year, and the rate may present a noticeable moderation during the 13th Five-Year Plan period (2016-2020), a senior government researcher said today at a briefing in Beijing.
"China's growth rate will manage to stay above 9 percent in the first three quarters, and it is expected to hang up at that level for the rest of this year," said Lu Zhongyuan, deputy director of the State Council Development Research Center. "Thus the whole year's growth rate will exceed 9 percent."
Lu said such a growth pace was good for the economy. "It can help to control inflation, while push forward economic restructuring and force a cut in energy consumption to serve the wider purpose of macroeconomic development."
China's gross domestic product expanded 9.6 percent year-on-year in the first half to 20.44 trillion yuan (US$3.15 trillion). Looking at the individual quarters, growth measured 9.7 percent in the first three months and 9.5 percent in the second quarter. The country grew at a faster pace of 10.4 percent last year.
The National Bureau of Statistics will release the third-quarter data next month.
The State Information Center, a research unit under the National Development and Research Commission, expected China's economy to gain 9.2 percent from a year earlier over the first three quarters.
However, Lu said China's growth momentum would slow down gradually during the 13th Five-Year Plan period, and China had to rely on reform to seek new economic drivers. He estimated China's growth was likely to be close to 7 percent by 2016 and beyond.
On other fronts, Lu said China's move to purchase European bonds was designed to help its own economy. But he cautioned that China needed to fully assess the possible impact of further changes in the European debt crisis such as whether risks were controllable in terms of China's balance of payments, capital inflow and holdings of sovereign debt.
"China's growth rate will manage to stay above 9 percent in the first three quarters, and it is expected to hang up at that level for the rest of this year," said Lu Zhongyuan, deputy director of the State Council Development Research Center. "Thus the whole year's growth rate will exceed 9 percent."
Lu said such a growth pace was good for the economy. "It can help to control inflation, while push forward economic restructuring and force a cut in energy consumption to serve the wider purpose of macroeconomic development."
China's gross domestic product expanded 9.6 percent year-on-year in the first half to 20.44 trillion yuan (US$3.15 trillion). Looking at the individual quarters, growth measured 9.7 percent in the first three months and 9.5 percent in the second quarter. The country grew at a faster pace of 10.4 percent last year.
The National Bureau of Statistics will release the third-quarter data next month.
The State Information Center, a research unit under the National Development and Research Commission, expected China's economy to gain 9.2 percent from a year earlier over the first three quarters.
However, Lu said China's growth momentum would slow down gradually during the 13th Five-Year Plan period, and China had to rely on reform to seek new economic drivers. He estimated China's growth was likely to be close to 7 percent by 2016 and beyond.
On other fronts, Lu said China's move to purchase European bonds was designed to help its own economy. But he cautioned that China needed to fully assess the possible impact of further changes in the European debt crisis such as whether risks were controllable in terms of China's balance of payments, capital inflow and holdings of sovereign debt.
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