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China’s GDP Growth Slowed By Sinking Export Rates
by Elisha SandersA paper from a noted Chinese university has stated that China can expect the current deceleration in exports to reduce their GDP growth to 10.5%, which is still above the target outlined by the government of 8%.
According to the paper, from the Economic Research Institute of Renmin University, this decline, from the current 11.4%, is due largely to ongoing effects of the subprime credit crash that the U.S. markets are still reeling from.
The Deputy Dean of the Economic School of Renmin University, Liu Fengliang, said that with the GDP sitting at 11.4%, the chance of the economy overheating was much reduced. A sentiment that was seconded by the Dean of the School of Finance, Guo Qingwang.
With the consumer price index reaching a 12 year high, of 8.7% in February, and the price of crude oil, metal, and agricultural products still rising, the Chinese government faces some serious inflation issues which the paper predicts will become very difficult to manage.
The report also included the fact that the international rise in energy prices, by 1%, will also increase the CPI in China by 0.1%.
Premier Wen Jiabao gave a press conference on Tuesday, in which he stated that China is going to have to counter continually rising prices and inflations, whilst dealing with strong economic uncertainty as well.
However, the Premier assured the Chinese that whilst his government would continue to build China’s economy, quickly and surely, but that they will also do all they can to reduce inflation and problematic developments.
According to the report, there are many world economic factors which will place more pressure on China’s financial forecast for 2008, such as the slow-down in world economic growth, the devaluation of the U.S. dollar, and the lingering effects of the credit market collapse.
Unfortunately for China, whilst they were experiencing dramatic GDP expansion for the last five years in a row, they were also experiencing serious inflation issues and a rising chance of the economy overheating.
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