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Chinese economy to maintain 10% growth despite slowdown

(Xinhua)
Updated: 2008-04-27 14:39

Chinese Academy of Social Sciences (CASS) predicted a 10.7 percent growth in the country's gross domestic product (GDP) in 2008, though it said the speed would be slower compared with the previous year.

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The added value of the agricultural sector would increase by 3.2 percent, and that of the industrial and the service industries would be 12.2 percent and 10.9 percent respectively, according to a report released by CASS.

The fixed assets investment would hit 17.03 trillion yuan ($2.43 trillion), up 19.1 percent year-on-year, still significantly higher than the growth of GDP and consumer price index (CPI), said the report on China's economic situation in 2008.

The high-flying prices would decline in latter half as the government policies start to pay off, but the annual commodity retail price index and the CPI would still be around 4.4 percent and 5.5 percent, the report said.

The annual per capita disposable income in urban areas would gain 11.1 percent, and that in rural areas would increase by 7.3 percent. Both the urban and rural income growth would be lower than 2007, the report said.

The total retail sales of consumer goods would for the first time rose above 10 trillion to 10.46 trillion yuan, and continue to be a major factor behind national economic growth, said the report.

Import and export growth would slow down to 23.3 percent and 19 percent because of the uncertainties in international economy, and the trade surplus would be $270 billion, said the report.

China posted a GDP growth of 11.9 percent in 2007, according to the results of preliminary verification announced by the National Bureau of Statistics early this month.