THE country s gross domestic product (GDP) was likely to rise about 9 percent in 2011, showing a slow-down from an estimated growth of 10 percent this year, a senior researcher at a government think tank said in remarks published Sunday.
Liu Shijin, a deputy director of the Development Research Center under the State Council, the Cabinet, said China s economy would slow to a moderate pace in the coming three to five years, citing challenges from rising labor costs, excess liquidity and difficulty in finding a new source of growth.
China s economy grew 10.3 percent in the second quarter of this year after a rise of 11.9 percent in the first quarter, in what the government described as an expected moderation resulting from targeted structural adjustment.
But Liu sounded an optimistic note on the slowing pace of economic growth.
Actually, we don t have to be too worried about an economy with moderate expansion, Xinhua News Agency quoted him as saying at a forum. Because the current economic growth is too high for China.
Liu warned that the easing monetary policy taken by the U. S. Federal Reserve would further weigh down the dollar and put pressure on other non-dollar currencies, including the yuan, to appreciate in the future.(SD-Agencies)
