Seven per cent economic growth predicted for China next year

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 ◆ Seven per cent economic growth predicted for China next year

A senior official of the National Bureau of Statistics (NBS) recently voiced confidence in China"s future economic performance, saying the country will be able to have a 7 per cent economic growth rate next year despite the current global recession.

Qiu Xiaohua, deputy head of NBS, said at a symposium in Shanghai on the economy, that the international community has reached common consensus on the need to fight against terrorism and revive the economy, which will lead to the early invigoration of the sluggish economy.

He noted that China has so far maintained a sound economic performance featuring rapid growth rate, low inflation and high profits.

What"s more, he believed, China"s entry into the WTO will further benefit its economic development.

Qiu attributed the country"s stable economic performance mainly to a series of macro economic policies aimed at expanding domestic demand since 1998.

These policies, including the proactive financial policy and the moderate monetary policy, have not only helped China ward off the negative impact of the Asian financial crisis but also facilitated the subsequent economic growth, he believed.

Meanwhile, China"s further reform and restructuring of its ownership system has created more room for economic development by allowing ordinary people to have more control of resources and and more freedom for management.

Also, China"s stable market climate is attractive to foreign investors under the current global economic slowdown, he said.

According to Qiu, China witnessed a foreign investment rebound in the first nine months of this year by absorbing US$32.2 billion of foreign capital, up 20.2 per cent year-on-year. (xinhua)