China Revises 2006 GDP Growth Forecast

13 July 2007

BEIJING: China's National Bureau of Statistics has revised upward to 11.1% its estimate for 2006 GDP growth, compared with its initial forecast of 10.7%. No reason was given for the uplift.

Data so far point to fast first-half growth despite cooling measures including interest-rate rises and increases in the reserve requirement ratio for banks. Further action has been promised to bring the economy under control.

Finance minister Jin Renqing said: "China's government is paying close attention to these problems.

"We have been and are currently implementing macro controls ... to prevent the relatively fast economic growth from turning to overheating and avoid large swings [in the economy]."

Data sourced from People