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No Double-Dip Seen in GDP
Aug 4,2011 14:53CST
data analysis
Source:SMM
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

BEIJING, Aug. 3 -- 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 from the top economic planning agency said yesterday.

China's potential growth rate will remain high 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, a spokesperson for the National Development and Reform Commission.

Improving scientific and educational development and looser institutional curbs 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.

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

China's gross domestic product growth cooled to 9.6 percent in the first six months, 1.5 percentage points slower annually, according to the National Bureau of Statistics.

Cooling down is conducive to correct market supply and demand, reduce price-hike pressure, and relieve resources and environmental restraints, Li said.

The Consumer Price Index, a main gauge of inflation, rose to a three-year high of 6.4 percent in June. Analysts expected July's data will not improve.

Li said keeping stable prices is a priority for the government in the second half, and the cooling measures on the property market should be kept to prevent prices from rebounding too fast.

 

GDP

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