CASS pre wholesale red bull hats dicts China’s 2009 growth rate at 8.3%

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CASS pre wholesale red bull hats dicts China’s 2009 growth rate at 8.3%
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CASS predicts China’s 2009 growth rate at 8.3%Published: 11 Oct 2009 20:02:01 PST

China’s GDP growth rate can reach 8.3 percent in 2009, exceeding the 8 percent growth target for set by the government at the start of the year, according to a report released by the Chinese Academy of Social Sciences (CASS) Saturday. The report also stated that significant inflation will not happen in this year or next.

CASS economist Wang Tongsan stated that the country’s economic growth for next year could hit 9 percent or higher.

The report also pointed out that the economic stimulus package has led to fixed-asset investment becoming the main engine to expand domestic demand and fuel economic growth. The report estimates that fixed-asset investment in the country will total 22.74 trillion yuan in 2009, and the investment growth rate will be 34.4 percent after deducting the price factor, which is 2.26 times higher than the growth rate last year.

The consumer price index (CPI), retail prices index and price index of investment will decline 0.5 percent, 0.8 percent and 1.8 percent year-on-year respectively, the report forecasted. The total value of retail sales of consumer goods will amount to 1.25 trillion yuan this year, up 16.3 percent year-on-year.

As for the trend of commodity prices, the report said that no obvious inflation will occur in this year and next due to the easing of insufficient demand and production overcapacity.

Wang also said that the CPI this year will possibly be negative, but the number will become positive next year. He predicted the CPI next year may be about 3 percent and the number will be stabilized for a long period of time.

According to the report, at present, having economic growth driven only by investment has not completely improved. Meanwhile, compared with the dramatic increase in investment in State-owned enterprises, those in private companies are not been active.

Li Na contributed to the stroy

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