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China planners strive to limit growth to 10pc |
China's top planning agency is aiming to hold the mainland's economic growth to 10 percent in 2008 while capping full-year inflation at 4 to 4.5 percent.
The new targets were announced on Friday during the annual meeting in Beijing of the National Development and Reform Commission, held the day after conclusion of the three-day central economic work conference.
NDRC head Ma Kai said the mainland will keep overall inflation at bay and fully evaluate risks when planning next year's development. Eight measures will be adopted to prevent asset prices from bubbling, Ma said on the agency's official website.
China will boost its domestic consumption, accelerate agricultural development, and increase the competitiveness of enterprises as part of the policies to keep economic growth and inflation in check, Ma said.
He said the government plans to stabilize food prices by planting more oilseed and enhancing policies to ensure adequate pork and dairy supplies. Economists said the NDRC has become more realistic about next year's economic growth, but it is still underestimating the power of inflation that could reach 6.5 percent in 2008. Earlier this year, the government targeted economic growth at 8 percent for 2007, with inflation of 3 percent.
Dong Tao, chief regional economist at Credit Suisse, said he expects full- year inflation in 2008 to hit 6.5 percent - up from his estimate of 5 percent for this year. Surges in the price of food, salaries and energy will all contribute to a high level of inflation next year, Tao said, adding that the government's cap of 4 to 4.5 percent was unrealistic.
Meanwhile, Bank of China (3988) economists said November's inflation could climb as high as 6.6 percent - exceeding the 11-year record of 6.5 percent seen in both August and October. Further tightening measures can be expected, the economists said, predicting the central bank could raise rates as much as 50 basis points later this month.
The central bank last imposed a hike of 27 basis points on September 15, boosting the lending rate to 7.29 percent and the deposit rate to 3.87 percent. "The central bank will probably announce the last rate hike this year right after the data release [next Tuesday]," said BOC's report. |
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