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

    The shocking story of Israel's disappeared babies

    The shocking story of Israel's disappeared babies

    New information has come to light about thousands of mostly Yemeni children believed to have been abducted in the 1950s.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.