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China's economy starts modest adjustment
www.chinanews.cn 2005-07-06 11:07:37
Chinanews, July 5 - According to the magazine Outlook Weekly, Chen
Dongqi, deputy president of the Macroeconomics Research Institute under
the National Development and Reform Commission, pointed out that after
three years of growth, China's economic growth is entering a new era of
modest adjustment. The new era is characterized by modest decrease of
economic growth.
Chen said that "modest adjustment" refers to moderate decline of economic
growth, probably dropping by two percentage points over last year's 9.5%
to the range between 7% and 9.5%. Provided the decrease is too sharp, say
falling to below 7% or even encountering a hard landing (which means
dropping by half to below 5%), China will face more pressure in terms of
unemployment and deflation and its national economy will also be plunged
into the marsh of chronic downturn and miss the opportunity for
development during the prime time.
Chen indicated that during the era of modest adjustment, macro control
should be focused on the following five aspects:
First, timely cope with latest change of economic situation based on the
idea of taking precautions beforehand. Second, make rational adjustment
to leading indicator and appropriately relax currency credit. Third,
actively promote balanced increase of three major types of demand.
Fourth, make effort to accelerate growth of "short barrel industry."
Fifth, create a macro environment beneficial to efficiency growth for
enterprises.
Chen added that the Chinese government's next round of macro control
policy and measures of system reform has to regard acceleration of
developing modern service industry as a strategy and enhance to open the
market of modern service industry to the privately-owned enterprises.
China will have to establish service industry market of multi-competition
to accelerate modern service industry which will serve as the basis to
maintain the growth of national economy.
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