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World Bank Forecast China’s GDP Growth to 9.8% This Year

2008-06-24 10:50

From:China Securities Journal Website Article type:Reproduced

It was reported by China Quarterly Update which released by World Bank that Chinese economic growth has been slow to a more sustainable pace. The GDP of China in 2008 was expected to reach 9.8%, with the account surplus of current items of USD377b, 9% of the GDP. The monetary policy need to be further tightened to control spillovers of price pressure and expectation of inflation.

In China Quarterly Update released by the World Bank in February this year, the Chinese GDP growth in 2008 was forecast as 9.6%, and in Semi-annual Report on East Asia released in early April it was reduced to 9.4%. World Bank considered that the peak in increase of food prices of China might have gone. Although the pressure of the increase in current non-food prices had been shown, overall inflation pressure in China was being slowed down; despite rising prices of raw material began to spillover to other commodity prices, the spread to core consumer prices remains limited.

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