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Provinces should set realistic GDP goal
By Wang Yanlin |
December 24, 2010, Friday
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Print Edition
Print Edition
GOVERNMENT officials in provinces and regions on the Chinese mainland should be realistic about targeting economic growth in 2011 and should not aim for a double-digit expansion, which is unbearable on the Chinese economy, a senior adviser to the central bank said.
Xia Bin, an academic adviser to the People's Bank of China and director of the financial center at the Development Research Center under the State Council, or Cabinet, urged officials to set reasonable targets for economic growth for their areas.
"Don't expect another rate above 10 percent," Sina Finance yesterday cited Xia as saying during a lecture.
Of the more than 30 provinces and regions that have submitted their plans for 2011, more than half set their economic growth target above 10 percent, Xia said.
"If all of them grow at such a rate, the country can hardly control the pace of inflation and may encounter many administrative obstacles in economic restructuring and preventing asset bubbles," Xia said.
His view point was echoed by Shen Minggao, chief macroeconomic economist at Citigroup in China.
"Government officials are keen to demonstrate their capabilities by setting a high growth target," Shen said at a lecture at Fudan University on Tuesday. "They will later try all means to fulfill it, no matter whether it is good or bad to the economy."
The central government aims for an 8-percent growth in gross domestic product in 2011, the same as this year's.
Barclays Capital estimated GDP may gain an annual 9.3 percent in 2011, Morgan Stanley forecast 9 percent and Nomura saw 9-10 percent.
Xia Bin, an academic adviser to the People's Bank of China and director of the financial center at the Development Research Center under the State Council, or Cabinet, urged officials to set reasonable targets for economic growth for their areas.
"Don't expect another rate above 10 percent," Sina Finance yesterday cited Xia as saying during a lecture.
Of the more than 30 provinces and regions that have submitted their plans for 2011, more than half set their economic growth target above 10 percent, Xia said.
"If all of them grow at such a rate, the country can hardly control the pace of inflation and may encounter many administrative obstacles in economic restructuring and preventing asset bubbles," Xia said.
His view point was echoed by Shen Minggao, chief macroeconomic economist at Citigroup in China.
"Government officials are keen to demonstrate their capabilities by setting a high growth target," Shen said at a lecture at Fudan University on Tuesday. "They will later try all means to fulfill it, no matter whether it is good or bad to the economy."
The central government aims for an 8-percent growth in gross domestic product in 2011, the same as this year's.
Barclays Capital estimated GDP may gain an annual 9.3 percent in 2011, Morgan Stanley forecast 9 percent and Nomura saw 9-10 percent.
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