Chinese economy grew 11.5 percent between January and September 2007November 14th, 2007 - 2:50 am ICT by admin
Li Xiaochao, a spokesman of the National Bureau of Statistics, told a news conference in Beijing today that “The domestic economy is maintaining fast development.”
Consumer price index (CPI), a barometer of inflation, slowed down to 6.2 percent in September from an 11-year-high of 6.5 percent in August, putting the figure for the first nine months at 4.1 percent.
This number is far above the official target of 3 percent for 2007.
The rapid growth of the GDP, and credit and investment has increased pressure for further monetary tightening. The central bank has raised interest rates five times and bank reserve ratio eight times so far this year.
Last week, Central Bank Governor Zhou Xiaochuan pledged to take a more aggressive approach to prevent the economy from overheating.
Zhou pledged to use monetary tools to keep the economy on track, including interest rates and exchange rates, adjustments in bank reserve ratios, and open market operations.
On Wednesday, Premier Wen Jiabao, at a State Council executive meeting, called for continuous control on excessive fixed-assets investment, especially in industries with high energy consumption and pollutant discharges and those with excessive capacity, along with tightened supervision on credit granting by commercial banks.
The meeting demanded closer monitoring of markets to ensure sustained supply and good quality of products and prevent the consumer prices from growing too quickly. (ANI)
- China's GDP growth to slow to 9.2 percent - Nov 20, 2011
- China faces price rise pressure - Sep 25, 2011
- IMF hails China's monetary adjustment - Jun 09, 2012
- India set to grow at 9.7 percent: IMF - Oct 06, 2010
- China may raise interest rate in Q3 - Jul 03, 2011
- Economists divided on impact of rate hikes on India's growth - Sep 20, 2011
- 'Slow global recovery biggest uncertainty for China' - Mar 12, 2012
- Inflation too high, says RBI; defends tight money policy (Lead) - Jun 19, 2012
- China's GDP growth is likely to reach 10% by 2010 - Jan 05, 2011
- Indian economy will grow 7-7.5 percent in 2011-12: PM - Feb 03, 2012
- Highlights of the third quarter review of monetary policy - Jan 24, 2012
- Emerging economies spur global recovery: IMF - Feb 24, 2011
- China projects 4 percent consumer price rise - Mar 05, 2012
- China inflation may touch six percent: Journal - Apr 07, 2011
- China's GDP growth sees moderate slowdown (Lead) - Jul 13, 2011
Tags: aggressive approach, central bank governor, chinese economy, consumer prices, continuous control, council executive, domestic economy, executive meeting, first nine months, index cpi, inflation pressure, interest rates, national bureau of statistics, open market operations, pollutant discharges, premier wen jiabao, reserve ratio, reserve ratios, target, zhou xiaochuan