CHINA / National
Economist sees 9% GDP growth
(Reuters)
Updated: 2006-04-24 11:54
China's economy will grow at least 9 percent this year while inflation
could nudge higher than expected as the government pushes oil price
reforms, a senior central bank economist said in remarks published on
Monday.
"GDP growth will be at least 9 percent this year while price rises could
be higher than 2 percent if oil reforms proceed," the China Securities
Journal quoted Jiao Jinpu, deputy head of the research bureau of the
People's Bank of China, as saying.
China's annual economic growth accelerated to 10.2 percent in the first
three months of this year from 9.9 percent in the previous quarter,
strengthening the case for tightening steps, which may include raising
required bank reserves and a quicker rise in the yuan.
But annual consumer price inflation slowed to 0.8 percent in March from
0.9 percent in February, extending a downward trend of recent months,
government data showed. The central bank has forecast inflation could be
around 2 percent this year.
The government has unveiled a series of tax and pricing reforms to better
link its oil markets to global benchmarks and encourage energy efficiency
to help sustain economic growth.
Separately, the Beijing Unirule Institute of Economics, an independent
think-tank, said in a research report it expected the economy to grow
about 10 percent in the second quarter.
The think-tank urged the central bank to widen the yuan's trading band to
allow greater currency flexibility to help head off economic overheating,
according to the report published in the China Securities Journal.
"Raising bank reserve requirements is feasible. But it will be more
meaningful to let residents hoard more foreign exchange, reduce market
intervention and widen the floating band," it said.
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