BIZCHINA / Center
OECD predicts double-digit economic growth
(Xinhua)
Updated: 2007-05-25 16:13
The Chinese economy is expected to grow at rates above 10 percent over
the next two years, the Organization for Economic Cooperation and
Development (OECD) said Thursday.
In an annual global survey, the Paris-based group said China's Gross
Domestic product (GDP) would increase by 10.4 percent in 2007 and 2008,
with domestic demand set to keep expanding.
The inflation rate will drop to 2.5 percent, down 0.3 percentage points
from last year, the 30-nation group said in its Economic Outlook.
The OECD added that China's consumer price index (CPI) in 2007 and 2008
will stand at 1.8 percent and 1.5 percent respectively.
The current account surplus, the broadest measure of trade, should rise
to 314.6 billion U.S. dollars this year and to 368 billion dollars in
2008, 10.2 percent and 10.6 percent of China's GDP respectively, said the
report.
It added that the growth rate of China's exports may decrease due to
slower world demand and the stronger Chinese currency, the RMB, over the
next two years.
However, an increasing consumption capacity in China's rural areas and
the revitalized real estate sector would rapidly expand the domestic
demand, the report said.
The Chinese economy surged 10.7 percent in 2006, the fourth consecutive
year of double-digit growth.
In March, Chinese Premier Wen Jiabao said in a government work report
that China plans to gear down its economic hike to 8 percent this year.
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