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Economy may slow to 9-9.5%, says banking regulator

(chinadaily.com.cn)
Updated: 2008-09-27 16:01

China's economic growth will slow to a pace of 9 to 9.5 percent amid global financial turbulance, and the authority should spare no effort in maintaining financial stability, the country's top banking regulator said today.

Liu Mingkang, chairman of the China Banking Regulatory Commission, made the remark at the World Economic Forum that opened in Tianjin today. Although he gave no timeframe for the growth estimate, Liu said the slowdown would be a good thing for China after five years of double-digit growth.

China's gross domestic product (GDP) expanded 11.9 percent last year. The growth slowed to 10.4 percent in the first half of this year.

"China doesn't need speed first. It needs quality first," Liu noted, adding the policy makers will draw lessons from the latest US financial turmoil and strengthen supervision on financial activities.

"We have already opened the Chinese economy and markets. We will continue to be good students of financial innovations," but China's "first duty is to maintain financial stability," he said.