China's GDP to grow 9.9% in 2010: CASS

08:44, October 14, 2010      

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The Chinese Academy of Social Sciences (CASS), a leading Chinese government think-tank, released a report Tuesday on the country's economic situation and forecast the country's 2010 GDP would expand by 9.9 percent year-on-year.

The report also revealed consumption in 2010 is on growing trend, but fixed-assets investments and export volume have declined.

The growth setback for fixed-assets investments predicted by CASS at 19.5 percent (13.8 percent lower than 2009) is to blame on a series of macroeconomic policies since April targeted at the soaring housing prices, which posed significant pressure on the property development sector.

As to the decline in exports, factors like a financial crisis-struck US economy, due to it being a large China-made importer and the yuan's appreciation were the lead-ups to China's exports' deficit in the fourth quarter.

The report also predicted that under a stable macroeconomic policy, economic growth in 2011 is expected to reach about 11 percent.

It also suggested that the country adjust its consumer price index's (CPI) target to 4 percent from the 3 percent set at the beginning of the year. The CASS claims that by doing so, a more relaxing environment for pushing forward the reform of resources prices, as well as increase farmers' incomes, ease the pressure on the yuan and ameliorate income distribution countrywide are easier to achieve.

Source: Global Times


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