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BIZCHINA / Top Biz News |
China to see 6th year of double-digit growth in 2008(Agencies)
Updated: 2008-01-02 16:08 China's economy is likely to see its sixth consecutive year of double-digit growth in 2008, with inflation remaining near 10-year highs, State media said on Wednesday, citing an influential think tank. The gross domestic product is expected to grow 10.8 percent in 2008, compared with estimated growth of 11.5 percent last year, the State Information Centre said in a report published in the Shanghai Securities News. Consumer inflation is seen at 4.5 percent for 2008 from an estimated 4.7 percent in 2007, a decade high, said the centre. The centre is a research body under the National Development and Reform Commission, the State economic planner, and is one of the most authoritative outlets for economic predictions in China. The centre reiterated the government's pledge to "prevent fast economic growth transforming into overheating" and to control inflation. China took a series of measures to cool the economy in 2007, including six interest rate hikes. The report said growth in the trade surplus would drop in 2008 due to "foreign protectionism", uncertainty about the US economy and the removal or reduction of tax incentives for exporters. It predicted the trade surplus for this year would be around $328.4 billion, up 22.5 percent from an estimated $268 billion last year. Growth in urban fixed asset investment, another driver of economic growth, is expected to slow to 24 percent from 26.3 percent, it said.
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