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Moderate growth rate

By Tang Min  (China Daily)

13:42, August 23, 2012

Excessive economic growth will only harm the labor market, leading to rises in pay and the price of agricultural products

Predictably, opinions about the Chinese economy varied after it was announced that the country's GDP increased at a rate of 7.6 percent in the second quarter of the year. Optimists said the rate was even better than expected. Pessimists, though, claimed it was a sign that the Chinese economy is in danger of having a hard landing.

For my part, I believe that a growth rate of 9 percent is a little high for China, that 8 percent is desirable, and, if the rate slows down to 7 percent, that's not a "big deal".

Recently, the International Monetary Fund again altered its predictions for the economies of most countries in the world, saying it expects them to grow at a slower pace than it had previously forecast. As the effects of the eurozone crisis linger, many governments continue to be burdened by colossal debts. Meanwhile, the so-called fiscal cliff in the US - a combination of tax increases and spending reductions expected to result in a slowing of the country's economy - has raised many uncertainties.

As a result of this economic turbulence, emerging markets around the globe have seen their economic growth decelerate remarkably. China is also undergoing a readjustment in its real estate market.

If we are to prevent the current real estate bubble from expanding and avoid disaster, we need to ensure that the market has a soft landing.

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