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China facing difficulties in maintaining stable growth: govt
Beijing (AFP) July 28, 2008 China is facing challenges in maintaining stable and fast economic growth, but curbing inflation remains a policy priority, state media said Monday, citing a top decision making body. The Communist Party politburo, the elite group of about two dozen people at the top of China's political system, reached the conclusion in a meeting chaired by President Hu Jintao last Friday, the Xinhua news agency reported. "Challenges and difficulties are growing for maintaining fast and stable economic growth, due to rising international uncertainties and problems in the domestic economy," Xinhua said, paraphrasing remarks made at the meeting. Fighting inflation is still the government's top priority and macro-control policies should remain consistent and stable, the meeting said. The meeting came after top leaders returned from fact-finding trips earlier this month to China's export centres and industrial powerhouses in the south and east. China's economic growth slowed to 10.4 percent in the first half of 2008 from 11.9 percent for all of 2007, accompanied by a nearly 12 percent fall in the trade surplus amid weakening foreign demand and strengthening of the yuan. Inflation was at 7.9 percent in the first half of 2008, peaking at 8.7 percent in February, and has since lingered near 12-year highs. At a conference last week with industrial and business associations, Hu said China must expand domestic consumption and maintain steady export growth, Xinhua said. He said the government would take measures to boost supplies of food, coal and oil to keep prices from rising too fast, according to Xinhua. Community Email This Article Comment On This Article Share This Article With Planet Earth
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China shifting focus from inflation to growth: analysts
Beijing (AFP) July 28, 2008Recent statements from Chinese President Hu Jintao and other senior leaders suggest a subtle shift in policy focus away from inflation control and towards growth creation, analysts said Monday. |
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