August 22, 2008

Chinese economy to grow by 11.5% in 2007

Chinese Premier Mr Wen Jiabao recently announced that said China's economy is expected to grow 11.5%in 2007.

Mr Wen on a four day official visit to Singapore to attend a series of Association of Southeast Asian Nations meetings made the forecast when meeting embassy staff and representatives of Chinese entrepreneurs and students. He noted that China has enjoyed 9%YoY growth for 30 consecutive years while growth surpassed 10% in the past five years.

But he stressed that the government must prevent the economy from overheating and makes sure that structural price rises do not move toward high inflation. He said "Only by achieving that can we enable the economy to grow in a stable and healthy manner."