China’s economy to slowdown but get steady

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Thursday April 28, 08:14

China’s economy to slowdown but get steady

(by Roy Deng)

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China’s economy to slowdown but get steady

On Wednesday the World Bank released some contradictory data about China’s economy forecasting its soft landing in next years.

The main figures indicated "evidence that the economy is heading for a soft landing ... and a gradual deceleration to a more sustainable and balanced growth path," the world lender said.

Chinese economic growth should lose its speed to 8.3% this year and to 7.5% in 2006, the World Bank said.

According to Chinese data, the economy grew 9.5% in 2004, the strongest pace since 1996.

The World Bank also offered Chinese officials to introduce a more flexible exchange rate policy that would contribute to capital flows and to effective achievement of domestic goals.

The weekend comments by top Chinese officials which came after the United States had officially urged Beijing to relax the yuan’s peg against the dollar aroused a fresh market idea that Beijing was ready to revalue the currency.

However, Beijing refused to reform its currency policy but introduced some moves to encourage capital outflows.

Instead Central Bank governor Zhou Xiaochuan warned that fast deregulating measures could increase vulnerabilities down the road.

"The resulting increased variability in capital flows would increase the vulnerability of China’s currency and financial system," the bank said.

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