日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

  Home>News Center>China
       
 

Days of sizzling economy over in China?
By Chen Yao (China Business Weekly)
Updated: 2004-05-07 11:46

China's sizzling economy will slow down this year due to the central bank's credit tightening and policy-makers' efforts to create a soft landing, suggests the Asian Development Bank (ADB).

The ADB released its annual economic forecast last Wednesday. The document indicated the world's sixth-largest economy will continue to grow rapidly this year, but at a slower, 8.3-per-cent pace.

The economy will grow 8.2 per cent in 2005, the bank forecasted.

China's growth this year will account for 15 per cent of the expected expansion in the world economy, even though the country has about 4 per cent of the global gross domestic product (GDP), the ADB said.

China's GDP last year grew a stellar 9.1 per cent, and 9.7 per cent in this year's first quarter. The Chinese Government has set its growth target at 7 per cent for this year.

Consumption growth will accelerate slightly, to around 9 per cent, in 2004-2005. It will be underpinned by rapid national urbanization and improving consumer confidence, ADB said.

Investment growth will likely fall by nearly half, to around 16 per cent, in 2004-2005, as the government tightens credit in several sectors - including property, steel and iron, aluminium and automobiles, ADB forecasted.

High housing prices, resulting from a lending crunch, will cool off property investment, ADB said, and foreign direct investment (FDI) inflows will grow moderately.

The Chinese Government will gradually phase out its expansionary fiscal policy and slow investment in government-sponsored projects, the bank said.

"FDI will enhance the productivity of immobile factors of production," said Zhuang Jian, an ADB economist.

"The benefits are especially important in connecting China's economy to the global economy, and in the area of technology transfer."

Two factors determine if a country will attract FDI: The commercial profitability of targetted investment projects, and a politically stable environment, Zhuang said.

In China's case, as profit margins in some overheating sectors are declining, and the Chinese economy is slowing down, the average returns on FDIs will dwindle, he said.

The Chinese Government, to attract more FDI, must make investment rules and regulations more transparent, Zhuang said.

"The government should also clearly identify the agencies that are responsible for issuing licenses, permits and approvals."

Investment was the main driving force behind China's soaring GDP growth last year, ADB said.

Investment contributed 6.3 percentage points to growth. In comparison, consumption contributed 3.9 percentage points and net exports subtracted 1.1 percentage points from the total figure, ADB said.

Fixed-asset investment soared 26.7 per cent last year, while public sector investment surged 28.2 per cent, indicate ADB figures.

Signs of economic overheating include the high rate of investment growth, rising prices of raw materials and shortages in some sectors, ADB said.

Power consumption increased rapidly last year, and 21 of 31 provinces suffered blackouts.

The rise in the consumer price index (CPI) will likely accelerate moderately, to 2.7-3 per cent, in 2004-2005, ADB predicted.

The current grain price increase will remain in place until later this year, and the price of energy and raw materials will rise, ADB said.

The People's Bank of China (PBOC), the nation's central bank, might raise the benchmark interest rate if inflation continues to soar, said Bruce Murray, ADB's resident representative.

China experienced serious inflation a decade ago, but the inflation ended when the Asian Financial Crisis began in 1997, he said.

The inflation in 1993-1994 was rated around 25 per cent.

China's local governments are partly responsible for the country's ongoing investment fever, Murray said.

While the central government must shoulder the blame if the economy turns sour, local governments only care about job creation and regional GDP growth, he said.

As a result, a higher interest rate might not necessarily dampen local governments' investment enthusiasm, he said.

The Chinese Government might also be considering using administrative power to help eliminate excess investment, ADB economists said.

The government should better co-ordinate fiscal policy with monetary policy to achieve the goal, they said.

A soft landing of the red-hot economy is badly needed, they added.

 
  Today's Top News     Top China News
 

Sino-EU partnership advances to new level

 

   
 

300 out of SARS quarantine in Beijing, Anhui

 

   
 

Bush apologizes, says Rumsfeld will stay

 

   
 

Hu: Growth hurdles 'need our attention'

 

   
 

Trapped holidaymakers rescued from island

 

   
 

Bin Laden said to offer gold for killings

 

   
  Chinese premier starts visit to Italy
   
  China upgrades its first network for access to Internet
   
  Local discipline inspection officials told to perform duties
   
  Wen ends visits to Belgium, EU headquarters
   
  Quarantine of two Beijing hospitals lifted
   
  Hu reiterated scientific concept of development
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  About Racism  
Advertisement
         
主站蜘蛛池模板: 欧美性猛交 xxxx | 中文字幕精品在线播放 | 国产在线高清视频 | 精品一区二区在线播放 | 日本老熟俱乐部h0930 | 国产美女高潮 | 爱爱网入口 | 男女羞羞免费视频 | 亚洲成人精品在线播放 | 在线a网站 | 在线网站你懂的 | 日韩va| 国产69久久精品成人看 | 美女天天干 | 不卡国产视频 | 超碰亚洲 | 亚洲成人生活片 | 亚洲视频网站在线观看 | 免费亚洲精品 | 国产免费黄色大片 | 成人毛片18女人毛片 | 四虎影院永久在线 | 精品国产乱码久久久久久蜜臀网站 | 十八女人毛片 | 国产精品一区二区免费 | 男人av网站 | 日韩久久久久久久久 | 国产精品久久久久久久久久久久久久久久 | 亚洲精品在线免费播放 | 激情五月婷婷丁香 | 国产成人精品av | 成人午夜免费在线观看 | 操国产美女 | 国产97视频 | 8x8ⅹ国产精品一区二区 | 不卡高清av | 久久国产精 | 国产精品一区二区三区久久久 | 成人精品一区二区三区中文字幕 | 一区二区三区日韩在线 | 97在线观看免费 |