Projected Chinese growthEconomic powerhouse China is still growing at an unbelievable pace. One can just imagine the need for more oil, steel, copper, silver and yes gold!
Regards, DH
Chinese finance minister says nine per cent economic growth acceptable
2004-10-17 12:33:00
BEIJING (AP) - China's finance minister says economic growth of nine per cent this year would be acceptable, state television reported this week in the first acknowledgment by a senior official that growth might exceed the government's target of seven per cent.
China has been trying since last year to slow down its roaring economy, worried that rapid growth could ignite inflation and threaten the banking industry.
Finance Minister Jin Renqing said that while government controls have achieved anticipated results, nine per cent growth is acceptable, according to China Central Television.
It quoted Jin as saying the controls are aimed at diminishing "uncoordinated, unstable" factors in the national economy, not at damping overall growth.
The economy grew by 9.4 per cent in the second quarter of this year, according to the government.
Chinese leaders set the seven per cent target in a report issued in March by Premier Wen Jiabao.
The government has been tightening controls on lending and trying to discourage new investment in steel mills, real estate and several other industries.
The measures were imposed after economic growth hit an annual rate of 9.1 per cent in 2003.