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Chinanews, Beijing, May 10 – The economic heat, which is occurring in China, might not be able to cool down in the next six months. In light of this, the State Information Centre (SIC) issued a report on Wednesday saying that the macroeconomy “is becoming overheated and the central government should take steps to further raise the interest rate and the deposit1 reserve requirements, the Beijing Morning Post reports.
The report was made by Fan Jianping, head of the Prediction Department under the State Information Center. Since Chinese GDP witnessed an 11.1% growth rate in the first quarter, the report raises great concern for the future prospect2 of the Chinese economy. “At present, leading indexes for economic operation are still very strong. It is expected that in the next four to six months, the national economy will continue to grow in the fast track and the risks that the fast-moving economy might become overheated in future still exist at present,” the report points out. This is the second time that SIC issued a similar report this week. In another report issued on Tuesday, SIC predicts that Chinese GDP will grow at a rate of 10.8% in the second quarter of this year. The actual GDP growth rate in the first half of the year will reach 11%. In the second quarter, CPI index growth rate will touch the alerting3 line of 3%. Related departments should strengthen their efforts and closely monitored the pricing trend and raise interest rate to control the economy, the report says. “Raising interest rate” has become the most frequently mentioned words in SIC’s two reports. On Wednesday’s report, SIC proposes that the central bank can, at an appropriate time, further raise the interest rate and the deposit reserve requirements. Meanwhile, the central bank may consider canceling the interest income tax. This can “leave more room for the central bank to raise the interest rate in future and at the same time, increase people’s income,” the report claims.
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