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Researcher says prudent policy to boost economic health
By Wang Yanlin |
December 6, 2010, Monday
|
Online Edition
Online Edition
CHINA can hardly keep an economic growth as fast as a pace of above 10 percent in the coming years, but a prudent monetary policy will guarantee a healthy expansion, said Ba Shusong, deputy director at the Development Research Center, a cabinet think-tank.
After the economic downturn in 2008 and 2009, China is standing at the threshold of a new economic cycle. But the country is unlikely to stage a strong growth similar to that in 2007 when the gross domestic product surged 11.9 percent, Ba said in an article published by People's Daily today.
The World Bank earlier expected China's economy may expand 9.5 percent this year and 8.5 percent in 2011, while the country's self-set target aims at 8 percent on the average in the coming five years.
"It is timely for China to shift from easy credit to a prudent monetary policy," Ba said. "The country may allow the yuan to have a reasonable increase while lift the interest rate under the new policy stance."
China announced to adopt a prudent monetary policy last Friday, paving the way for China to tighten lending controls and raise interest rates.
Meanwhile, China will maintain its proactive fiscal policy, reflecting the government's wish to continue to encourage investment for sustaining growth.
The move aims at curbing a record-breaking consumer prices, and prevent a food-powered inflation from escalating into an inflationary spiral.
The China's Consumer Price Index rocketed to a 25-month high of 4.4 percent in October, while food costs climbed 10.3 percent year-on-year.
After the economic downturn in 2008 and 2009, China is standing at the threshold of a new economic cycle. But the country is unlikely to stage a strong growth similar to that in 2007 when the gross domestic product surged 11.9 percent, Ba said in an article published by People's Daily today.
The World Bank earlier expected China's economy may expand 9.5 percent this year and 8.5 percent in 2011, while the country's self-set target aims at 8 percent on the average in the coming five years.
"It is timely for China to shift from easy credit to a prudent monetary policy," Ba said. "The country may allow the yuan to have a reasonable increase while lift the interest rate under the new policy stance."
China announced to adopt a prudent monetary policy last Friday, paving the way for China to tighten lending controls and raise interest rates.
Meanwhile, China will maintain its proactive fiscal policy, reflecting the government's wish to continue to encourage investment for sustaining growth.
The move aims at curbing a record-breaking consumer prices, and prevent a food-powered inflation from escalating into an inflationary spiral.
The China's Consumer Price Index rocketed to a 25-month high of 4.4 percent in October, while food costs climbed 10.3 percent year-on-year.
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