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People's Daily Online>>China Business

Is China's double-digit growth over?

By Zhu Jianhong (People's Daily)

14:25, November 22, 2011

Edited and translated by People's Daily Online

During a recent interview, Wang Yiming, vice dean of Academy of Macroeconomic Research under the National Development and Reform Commission, shared his thoughts with People's Daily about China's economy.

Economic growth still within reasonable range

Reporter: It is known to all that China is transforming its economic growth model and slowing down the growth of gross domestic product. However, what is the slowest growth rate that China can stand?

Wang Yiming: Growth potential is the most important factor in determining whether a country's economic growth is within a reasonable range. It is widely accepted that China's economy currently has a potential growth rate of between 8 percent and 9 percent. There is no likelihood of its economic growth dropping sharply next year. Despite possible minor decreases, China's economic growth rate will continue to remain above 8 percent, which is consistent with its growth potential and totally acceptable.

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elee at 2011-11-23183.39.47.*
Good to see its GDP dipping below 10% and ability to hold steady between 7 to 10 into the next decades based on realistic national scale and weighing signifies a "domestic quality fine tuning process" to meet international challenges ahead. China must develop national quality to ensure the health and soundness of its population, industries and enterprises since these are the fundamental processes of social welfare developments in accordance with CPC"s main crucial ideology. Secondly, it is the right time to check and balance its own raw material stockpiles and products for exports and local consumptions in order to prevent further erosions of raw materials and labor qualities; while tackling the issues of international trade imbalances between major economies. The decades of double digits growth leaped and bounced almost out of control, but safely landed is a good omen of CPC"s leadership. Now entering 2012 is quality fine tuning phrase of China and CPC into the centuries!
wende at 2011-11-2271.255.93.*
China needs to strive harder to prevent the drop from going further down.
  

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