| WB：China's GDP Growth at 9 in 2005 |
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| Monday,August 22,2005 Posted: 11:18 BJT(0318 GMT) zanzibar |
Aug 17-The World Bank said Tuesday China's economy is expected to grow by 9 percent in 2005, and about 8 percent in 2006.
In its quarterly update on the country's economy, the China mission of the World Bank said the economic outlook for China "remains good" in a stable macroeconomic environment and with favorable financial conditions.
The bank based the projection partly on global economic factors, saying the growth in world economic activity and trade is projected to slow during the rest of 2005.
"World trade growth is now expected to slow from 12 percent in 2004 to 6.4 percent in 2005, which is likely to affect China's export growth."
China's exports will also be affected "somewhat by the modest revaluation of the RMB (the Chinese currency)" and the recent measures designed to discourage exports of "highly energy intensive products" including the cancellation of rebates to exporters of VAT (value-added tax) on aluminum and steel, the bank says.
Price pressures are projected to ease. International raw material prices are generally easing, with the important exception of oil (energy) prices, according to the report.
In addition, continued rapid productivity increases in China's manufacturing industry put downward pressure on prices, the report says, adding that the recent revaluation of the Chinese currency will help ease imported inflationary pressures somewhat.
(Source：Xinhuanet)
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