China's economy is likely to expand at a slower rate in 2008
than it did this year, or by less than 11 percent, as the
government tries to avoid overheating, according to Yao Jingyuan,
the chief economist of the National Bureau of Statistics (NBS).
Gross domestic product (GDP) in the world's fastest-growing
major economy is forecast to grow by 11.5 percent this year,
Friday's Shanghai Securities News quoted Yao as saying.
GDP rose 11.5 percent year-on-year in the first three quarters
of 2007 despite a series of tightening measures, according to the
NBS.
The consumer price index, a major gauge of inflation, is likely
to climb 4.7 percent in 2007, Yao told a forum in Beijing on
Thursday. He added that inflationary pressure is expected to ease
next year.
The CPI jumped by an 11-year-high of 6.9 percent in November and
4.6 percent in the first 11 months, primarily driven by surging
food prices.
Yao said that the government should utilize more coordinated
measures to prevent structural price rises from feeding into the
inflation figures, a main goal of the high-profile Central Economic Work Conference which
concluded on Dec. 5.
China can use faster appreciation of its currency to curb
inflation, which is also lifted by the declining US dollar and
higher global commodities prices, he said.
The chief economist also forecast that the trade surplus would
reach US$260 billion in 2007. The surplus hit US$238.1 billion from
January to November, higher than the US$177.5 billion recorded in
2006.
(Xinhua News Agency December 28, 2007)
