China’s economy to grow in 2008
May 31, 2008
BEIJING, May 31 (Xinhua) — China’s economic growth is likely to stay high but “may moderately slow down” this year, according to the country’s central bank.
The economy would be affected by a decelerated world economy, weakened by outside demand and domestic disasters such as the snowstorm in January and February and the 8.0-magnitude earthquake in southwestern China, said the People’s Bank of China (PBC) in a report on its website.
It noted that the country’s central areas, the hardest-hit by the snow storm, need to strengthen infrastructure such as power, transport and telecommunications facilities.
Post-quake recovery work was also an arduous task, it said.
Official data showed the freak winter had led to a direct economic loss of 151.6 billion yuan (about 20.8 billion U.S. dollars), while economists estimated the quake loss could reach hundreds of billions of yuan.
The government would continue to carry out a tight monetary policy and properly control bank credits this year, according to the report.
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