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Growth moderation not "bad thing" for China: economist

(Xinhua)

08:40, December 19, 2011

SHENZHEN, Dec. 18 (Xinhua) -- The growth moderation is not a bad thing for China, yet the country must avoid a plunge in economic growth, said Yao Jinyuan, a special researcher with the Councillor's Office of the State Council, or China's cabinet.

Stabilizing economic growth will be of great importance for the government next year as a sharp fall in the growth rate will cause problems in many sectors, including employment, fiscal revenue, enterprises' profitability and social stability, Yao said at a forum Sunday.

Yao noted the country's economy is in a downward movement, which is a desired outcome of macro-economic regulation and also because of the global economic woes and the country's efforts to transform its economic development pattern.

The country's export outlook will be grimmer in 2012 than this year, he added.

China's economic growth has been slowing all year. Its GDP growth slowed to 9.1 percent in the third quarter from 9.5 percent in the second quarter and 9.7 percent in the first quarter.

The country will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to a statement issued after the closure of a three-day central economic work conference on Wednesday.

 
 
 
 
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Rash at 2011-12-2388.175.56.*
China should partner with it neigbours (including India) to build new models of enevironmentally sustainable growth in Asia to start with ! When environment or the earth will suffer , growth will become an illusion!
PD User at 2011-12-19101.172.235.*
It is time to take the competitiveness of the Chinese economy to the next level, which however cannot be achieved by entirely following the past economic model because the world has been profoundly changed by the ongoing financial crisis in the developed world. Growth moderation is necessary for China to have time to think through the benefits and costs before actions are taken. China must now domestically focus on social equity from opportunity of participation to benefits distribution, on governance from governments to corporations, on technological innovations and on environment. Internationally China should aim to build win-win for the wide international community while not hesitating to pursue and protect its own interests at home and abroad by all means. The financial crisis in Europe and the US will not end without significant pain and permanent scars on their social, economic and political systems. The worse is yet to come, which will engulf many national economies in this slow meltdown in the sea of debt.
  

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