China's economy has no risk of 'double-dip': NDRC

Updated: 2011-08-02 17:43


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BEIJING - The Chinese economy will not experience a "double-dip" nor big fluctuations, and the government is capable and confident of keeping steady and relatively fast growth in the long-run, an official said Tuesday.

China's potential growth rate will remain at a high level in the future on the back of the deepening process of industrialization and urbanization, as well as accelerated economic restructuring, which will release huge domestic demand, said Li Pumin, spokesperson with the National Development and Reform Commission (NDRC).

Improving scientific and educational development and looser institutional restrictions will also work to promote stable growth, he said.

Li admitted the country faces many challenges, such as the weakening global economic recovery and unbalanced, uncoordinated and unsustainable domestic development. Many new problems emerging in the first half this year have complicated the macro-regulation.

However, many advantages and opportunities remain. As long as the central government's policy is well implemented, the economy will keep sound growth, he added.

China's GDP growth cooled to 9.6 percent in the first six months, 1.5 percentage points slower than the same period last year, according to the National Bureau of Statistics.

Li said it is a self-steered slowdown, and goes in the track of the government's macro-regulation.

Cooling down is conducive to correct relations between market supply and demand, reduce price-hike pressure, and relieve resources and environmental restraints, he noted.

China experienced a sharp slowdown in 2008 when global financial crisis sapped demand for Chinese goods, which costs tens of millions of migrant workers' jobs.

The government announced a 4-trillion yuan ($618 billion) stimulus package in November 2008 that boosted spending on infrastructure and the improvement of people's lives.

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