Slowdown no reason to spell gloom for growth

An official from the National Bureau of Statistics predicted in a recent article that the gross domestic product (GDP) of 2008 would grow by less than 11.9 percent, the annual growth achieved in 2007.

He attributed the possible drop in GDP growth to the higher costs of Chinese exports because of the adjustment in export tax rebating policies, the appreciation of the renminbi and the raised labor costs. He also stressed that the export would grow less for the weakened demand because of the economic slowdown in the United States, the European Union and Japan.

His prediction seems to strongly corroborate a popular opinion: that the Chinese economy would see a turning point in 2008.