Legislator: China could tolerate a slower growth

10:28, August 09, 2010      

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China's central government needs to tolerate a slower growth of its economy, as the country is in the process of vigorous readjusting its industrial mix and climbing up on the technology ladder, said a leading legislator.

Wu Xiaoning, vice-chairwoman of the National People's Congress's Finance Committee, told the People's Daily that it was likely China's economy will slow down, but it is unwarranted now for Beijing to revise set policy to spruce up GDP.

Wu, who was a former deputy governor of the central bank, the People's Bank of China, said that she believed the economy would possibly spiral down to around 8 percent growth in the first and second quarters next year, but certainly will end above 8 percent in the fourth quarter this year.

She suggested the central government keep endurance to see through its current policies, phasing out the environmentally polluting and energy wasting low-end industries.

Wu said that after China attained a relatively high growth rates from 2002 to 2007, now it is time for the country to readjust economic structure, and re-caliber to new and high technologies. China now leads the world in building up high-speed railroads that runs more than 300 kilometers per hour, and erecting wind turbines, solar batteries, hydro and nuclear power stations, and new vehicles powered by electric cells.

On Sunday, Beijing released the names of more than 2,000 environmentally damaging firms, of cement, paper-making, dyeing and chemical industries, which would be shut down by the year end.

Wu said that China shall move its focus from crisis and recession management to normal macro control, and persistently pursue technological advances. It is acceptable for the country to lower its growth at this stage. China will have to pay an even bigger sacrifice if Beijing changes its policies now, Wu said.

The former central banker also supports Beijing's efforts to increase salary levels of the vast common factory workers, and hikes the social safety payments to rural and urban poor, because, the move will help strengthen Chinese people's consumption power, and at the same time, aids social equality and stability.

Source: People's Daily Online


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