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Chinanews, Shanghai, Oct 26 – Currently, the actual economic growth rate is a bit larger than the potential economic growth rate, which shows that Chinese economy has grown only a little bit faster than the normal range. Depsite this, China is not expected to experience any comprehensive, persistent1 and intolerable degree of inflation, according to a report recently released by the Chinese Academy of Social Sciences (CASS).
The report, titled Chinese Macro Economy Analysis for the Autumn Season of 2007, was jointly2 released by the CASS's Finance Research Institute, the Foreign Investment Research Center under CASS, and the Shanghai municipal government. According to this report, Chinese potential economic growth rate is somewhere between 9.5% and 10.7%. The corresponding inflation rate for such economic growth is between 3% and 5%. The World Bank predicts that in 2007, Chinese economic growth rate will reach 11.3%. If the prediction is true, then the actual economic growth rate will exceed the potential economic growth rate (10.64%) by 0.66 percentage point. Based on these figures, it can be said that since 2003, Chinese macro economy has grown at a rate slightly faster than the normal range, says the report. Boosted by strong demand, price hike will also occur during this time. However, the current round of price hike is mainly caused by the price rise in foods. It is less likely for China to have any comprehensive, persistent, and intolerable inflation. In other words, the current price hike occurs only to some commodities and it will last for only a short period of time, the report notes.
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