China growth 'to slow slightly'

Central bank says growth will dip to 9.8% as Beijing tries to rein in investment.

    Beijing is trying to slow an investment boom that threatens to overheat the economy [EPA]

    According to the bank's report, published on the website of the official China Securities Journal, China's economic growth for 2006 was expected to be 10.5 per cent, in line with earlier official forecasts.
     
    Beijing has raised interest rates twice this year, tightened controls on credit and imposed curbs on new construction.
     
    But despite the controls, the government says investment in factories and other fixed assets in the first 11 months of this year soared by 26.6 per cent over the same period last year.
     
    Earlier this month Ma Kai, chairman of China's main planning agency, the National Development and Reform Commission, said that the "relentless expansion has yet to be stopped".
     
    Government economic planners say next year Beijing would focus on trying to shift the basis of China's economic growth from investment and exports to domestic consumption.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Israel’s settlements: 50 years of land theft explained

    Israel’s settlements: 50 years of land theft explained

    On the anniversary of UN Resolution 242, Al Jazeera explores the illegal Israeli settlement enterprise.

    Robert Mugabe: Portrait of a presidency

    Robert Mugabe: Portrait of a presidency

    Some key moments in the life of the man who led his country from independence in 1980 until November 21, 2017.

    When is Thanksgiving Day and why is it celebrated?

    When is Thanksgiving Day and why is it celebrated?

    In the US, Thanksgiving Day will be celebrated on Thursday, November 23.