Consumers and economists share an optimistic outlook for the Chinese economy over the next six months, according to two surveys.
Chinese consumers are among the most optimistic in the Asia-Pacific region, according to a survey by credit card firm MasterCard International that was released yesterday.
MasterCard International surveyed over 5,400 consumers from May 15 to June 5 in 13 markets in the Asia-Pacific region. Vietnam, Malaysia and China topped the list of markets with the most positive outlook.
Chinese consumers remain very optimistic about employment, the economy, regular income, the stock market and overall quality of life, the company said.
Yuwa Hedrick-Wong, an economic adviser for MasterCard in the Asia-Pacific region, said stable economic development would continue in China during the coming months. Its economic growth rate will likely fall from 11 to 9 percent, shifting from acceleration to cruise.
Meanwhile, Chinese economists hold cautiously optimistic views on the nation's economic development for the next six months, according to a separate survey by the National Bureau of Statistics, which was released on Monday.
The survey of 50 economists showed that 88 percent believe the economic situation would remain unchanged or improve in the next six months.
Economists who believe the fixed asset investment, consumption and exports would remain unchanged or improve accounted for 69 percent, 88 percent and 55 percent, respectively.
The central government's macroeconomic controls have helped to slow runaway economic growth, said the economists. Inflationary pressures will be alleviated and pressure for appreciation of the Chinese currency will abate, said a majority of the economists surveyed.
Prospects for China's utilization of foreign investment will improve, and economic globalization will benefit the country.
A majority of the 50 economists hold positive views about the central government's efforts to slow growth. But it should reduce the weight of administrative measures in macroeconomic control over the next six months, and a proper inflation rate should be allowed, they suggested.
They believe the government should not rush to raise the renminbi interest rate or cut fiscal expenditure. The government should encourage private investment and increase support for agriculture and small and medium-sized companies, as well as the service sector, in the next few months.
In addition, they advocated an intensification of reforms in land use, the financial system and investment mechanism.
More than 70 percent of the 50 economists said they were satisfied with the current economic performance.
(China Daily August 5, 2004)
