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World Bank raises China's growth forecast to 9.3%
(chinadaily.com.cn/agencies)
Updated: 2005-11-03 11:44 The World Bank has raised its forecast for China's
economy to grow by 9.3 percent in 2005, and 8.7 percent for 2006, based on
strong domestic demand and surging exports.
Trucks carry import
and export containers at a Yangtze port in Nanjing, Jiangsu Province
October 31, 2005. Based on strong domestic demand and surging exports, the
World Bank raised its forecast of China's econmic growth rate to 9.3%.
[newsphoto] | It was the third time this year the
bank has raised its forecast for China's economic growth, following predictions
of 9 percent in August and 8.3 percent in April.
The bank said Thursday
that stronger-than-expected domestic demand for the upward change. It said low
inflation was expected to continue.
And, China's economy has already
achieved its long-awaited landing even with growth rates at around 9 percent,
the country’s central bank chief economist said Wednesday.
The comments
suggested no further measures would be needed to hold back Chinese growth and
that the central bank saw little risk of a bust in the world's sixth-largest
economy, increasingly a pillar of global growth.
Tang Xu,
director-general of the research bureau of the People's Bank of China, said the
yuan would be under pressure to strengthen in the short term and the July
revaluation had not yet affected the country's rising foreign exchange reserves.
In an interview with the Reuters, Tang played down any imminent threat
of deflation.
Asked when the economy would achieve the soft landing that the
authorities have been trying to effect for more than two years, Tang said: "It
has already landed."
"Inflation has slowed and investment growth has
slowed," he said. "The economy has entered a reasonable range. We believe growth
around 9 percent is reasonable."
He was optimistic about next year,
too.
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