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China's economy to grow 11% in 2008: CICC

(Xinhua)
Updated: 2007-12-04 17:09

China's economy is forecast to grow 11 percent in 2008 while the yuan will continue to appreciate, an investment bank said in its latest analysis.

Related readings:  NDRC: China economy shows no sign of overheating  100 economists appraise China economy  Outlook on China economy more positive over next 12 months  ADB: China economy to slow moderately

"China's economy will not meet a hard landing but keep its fast momentum to grow 11 percent next year," said the China International Capital Corporation Limited (CICC) in its monthly forecast on macro-economy. "The appreciation of the yuan will accelerate, with an annual rise of 10 percent."

"China's export growth will slow as overseas demand declines, which will lead to a slight fall in its economic growth, despite the constantly booming domestic needs."

The Asian Development Bank's latest forecast for China's economic growth was 11.2 percent for 2007 and 10.8 percent for 2008.

"The monetary policy will be tightened further in a bid to prevent the economy from overheating," the CICC report said. "The central parity rate of the yuan against the US dollar will decline to 6.57 at the end of 2008 with an annual appreciation of 10 percent."

The current exchange rate is one US dollar for 7.4094 yuan.

CICC, established in 1995, was the first joint venture investment bank in the country. It has a registered capital of US$125 million.