Center

GDP predicted to grow by 10.8%

(Xinhua)
Updated: 2007-07-08 09:09

China's GDP is expected to increase 10.8 percent in 2007, a report by the economic research center of Renmin University of China said in Beijing yesterday.

Related readings:  Central bank: CPI to grow 3.2% in 2007  Deutsche Bank ups China GDP forecast to 10.7%  Morgan Stanley raises China GDP forecasts to 10.5%  HK's GDP rises 5.6% in first quarter

The report also predicts that the country's investment will grow by 21.8 percent year on year in 2007, consumption will grow by 16.2 percent, and trade surplus will rise by over 60 percent.

The GDP growth predicted by the university is paralleled with the forecast of the People's Bank of China, the central bank, which said last Monday that the country's GDP is expected to increase 10.8 percent in 2007.

On June 13 Chinese Premier Wen Jiabao presided a State Council meeting to discuss the problems in China's economy, and the cabinent warned that there was excessive growth in industrial production, trade surplus and investment.

The central government said it is necessary to improve macroeconomic regulation to prevent the economy from overheating.