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Finance Ministry: GDP to grow 9.5%
Latest Updated by 2006-05-08 09:47:03
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China's deputy minister of finance Li Yong said that the country's economy keeps its bullish steam, and is on target to grow by at least 9.5 per cent in 2006.

Li Yong said at the annual meeting of the Asian Development Bank that Chinese government was now considering a second increase in interest rates this year, in order to bring growth to a better balance.

"I think in the future we will make interest rate adjustments if necessary, but we should not make abrupt adjustments," Li said.

China raised bank lending rates last month for the first time since October 2004, after announcing that economic growth in the first quarter of the year was 10.2 per cent.

Some analysts believe further rate increases are in the pipeline following assurances last month that the government was conscious of social and environmental difficulties being caused by an excessive growth, the Independent of the United Kingdom reported on Monday.

Joseph Tan, an economist at Standard Chartered, said: "China isn't slowing down any time soon - the hike was clearly an attempt to slow things down but this will not be the last interest rate hike we will see."

Li said that in addition to restraining economic growth, the government was increasingly anxious to tackle its trade surplus, which has been a mounting concern in the European Union and the US. "We try to achieve a balance between imports and exports," he said.

Editor: Yan

By: Source: China Daily Website
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