Chinese president, Mr Hu Jintao said yesterday economic growth could exceed 9 per cent this year, in line with previous projections, and foreign direct investment (FDI) could top $60 billion (€45 billion).
"Growth in gross domestic product is expected to be over 9 per cent this year," he said at a banquet in Macau where he was attending celebrations to mark the fifth anniversary of the handover of Macau from Portuguese rule to China.
The government has abandoned its long-standing growth goal of 7 per cent annually to reflect the real picture of the economy, despite steps to rein in excessive lending and investment.
Economic growth has slowed for several quarters in a row but was still a robust 9.1 per cent in the year to the third quarter. The economy grew 9.1 per cent in 2003. "Foreign trade volume for this year is expected to top $1.1 trillion," Mr Hu said. "FDI is expected to top $60 billion this year."
China's exports in the first 10 months rose 35 per cent to $468.7 billion while imports rose 37 per cent to $457.7 billion, resulting in a surplus of $11 billion.
China has set an 8 per cent growth target for 2005 and aims to peg inflation at around 4 percent, illustrating its eagerness to steer the economy to a soft landing.
"We are committed to the scientific concept of people-oriented, well-coordinated and sustainable development, continue to take economic development as our central task, strengthen and improve our macro-economic regulation, continue to move forward our reforms in the various aspects and intensifying our efforts to strengthen the weak links of our work," Mr Hu said. - (Reuters)
