ID :
202063
Thu, 08/18/2011 - 09:09
Auther :
Shortlink :
https://oananews.org//node/202063
The shortlink copeid
China's growth to slow to 7 pct range for next 5 years: official
HONG KONG, Aug. 18 (Yonhap) -- China's economic growth is expected to slow to the 7 percent range for the next five years, China's top state planner said Thursday, indicating the world's No. 2 economy will continue to cool down.
The country's gross domestic product grew 9.5 percent on-year in the April-June period, down from the 9.7 percent expansion recorded in the first quarter of 2011.
Zhang Ping, chief of the National Development and Reform Commission, said in a forum in Hong Kong that the Chinese economy will expand more than 7 percent annually over the next five years.
China recently faced its worst inflationary pressures triggered by excessive liquidity and an overheated economy.
In a move to counter such pressures, the Chinese government has started to roll back the stimulus package it introduced during the global financial crisis, while the central bank raised the benchmark interest rate for the third time this year.
In the first six months of the year, the world's second-largest economy expanded 9.6 percent, compared with the 10.3 percent increase a year earlier.
The Chinese economy is forecast to grow around 9 percent this year, down from a 10.3 percent expansion a year earlier. Beijing, however, is targeting the 8 percent range to contain the growth rate.
Monetary tightening in China has sparked market worries that it could undermine the country's economy, which has been seen as a growth engine for the global economy.
"The world economy continued to recover this year, but the momentum has weakened, particularly due to the Standard & Poor's downgrade of the U.S. sovereign credit rating and the debt crisis in Europe," Zhang said. "The uncertainty of future trends has greatly increased."
The country's gross domestic product grew 9.5 percent on-year in the April-June period, down from the 9.7 percent expansion recorded in the first quarter of 2011.
Zhang Ping, chief of the National Development and Reform Commission, said in a forum in Hong Kong that the Chinese economy will expand more than 7 percent annually over the next five years.
China recently faced its worst inflationary pressures triggered by excessive liquidity and an overheated economy.
In a move to counter such pressures, the Chinese government has started to roll back the stimulus package it introduced during the global financial crisis, while the central bank raised the benchmark interest rate for the third time this year.
In the first six months of the year, the world's second-largest economy expanded 9.6 percent, compared with the 10.3 percent increase a year earlier.
The Chinese economy is forecast to grow around 9 percent this year, down from a 10.3 percent expansion a year earlier. Beijing, however, is targeting the 8 percent range to contain the growth rate.
Monetary tightening in China has sparked market worries that it could undermine the country's economy, which has been seen as a growth engine for the global economy.
"The world economy continued to recover this year, but the momentum has weakened, particularly due to the Standard & Poor's downgrade of the U.S. sovereign credit rating and the debt crisis in Europe," Zhang said. "The uncertainty of future trends has greatly increased."
