Home>News Center>China

World Bank raises China's growth forecast to 9.3%
Updated: 2005-11-03 11:44

The World Bank has raised its forecast for China's economy to grow by 9.3 percent in 2005, and 8.7 percent for 2006, based on strong domestic demand and surging exports.

Trucks carry import and export containers at a Yangtze port in Nanjing, Jiangsu Province October 31, 2005. Based on strong domestic demand and surging exports, the World Bank raised its forecast of China's econmic growth rate to 9.3%. [newsphoto]
It was the third time this year the bank has raised its forecast for China's economic growth, following predictions of 9 percent in August and 8.3 percent in April.

The bank said Thursday that stronger-than-expected domestic demand for the upward change. It said low inflation was expected to continue.

And, China's economy has already achieved its long-awaited landing even with growth rates at around 9 percent, the country¡¯s central bank chief economist said Wednesday.

The comments suggested no further measures would be needed to hold back Chinese growth and that the central bank saw little risk of a bust in the world's sixth-largest economy, increasingly a pillar of global growth.

Tang Xu, director-general of the research bureau of the People's Bank of China, said the yuan would be under pressure to strengthen in the short term and the July revaluation had not yet affected the country's rising foreign exchange reserves.

In an interview with the Reuters, Tang played down any imminent threat of deflation.
Asked when the economy would achieve the soft landing that the authorities have been trying to effect for more than two years, Tang said: "It has already landed."

"Inflation has slowed and investment growth has slowed," he said. "The economy has entered a reasonable range. We believe growth around 9 percent is reasonable."

He was optimistic about next year, too. 

Page: 12

Folk dance competition in Guiyang
Taiwan performance in Hangzhou
Poor kids' strong desire for school
  Today's Top News     Top China News

Sino-Russian energy links to expand



Number of billionaires triples to 10



Olympic mascot to be revealed Nov 11



China plans 2007 space mission



North Korea nuclear talks set for next week



Henan gets it right in war on HIV/AIDS


  Disposable tableware poses health risk
  China, India to extend tariff cuts
  Olympic goods win licensing go-ahead
  Mine blast kills 17 in Shanxi
  Students may get a crack at US science books
  Capital int'l airport seeks expansion
  Go to Another Section  
  Story Tools  
  Related Stories  
China economy 'growing at 9.5%'
Economy to grow 9.5% for 2nd half: economist
GDP up 9.4% on back of spending
Oil price has limited impact on economy
China uplifting the whole Asian economy
China's economy enters key period of soft landing
PBOC: Economy too much export-driven
  News Talk  
  It is time to prepare for Beijing - 2008  
Manufacturers, Exporters, Wholesalers - Global trade starts here.