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China's Economic Growth Not Deflating

China's economy is going to grow steadily instead of slowing down, said Zhu Zhixin, vice minister of the National Development and Reform Commission (NDRC), refuting recent predictions of an economic slowdown. He was speaking at the International Forum on China's Financial Risk Management held in Beijing on June 18 and 19.


Experts have been quoted in media reports as saying that China's economy will slow down, citing low consumer price index (CPI) levels in April and May, continually falling investments and a gradual slowing down of investment growth rates as signs of deflation.


CPI growth rates decreased to 1.8 percent in April and May, compared with 2.7 percent in March.


Some experts have also reportedly warned that if the country continues with its austere policies, its gross domestic product (GDP) could also nosedive.


But Zhu said that economic growth isn't dependent only on CPI and fixed asset investments.


The dip in CPI levels in April and May was attributed mainly to a fall in grain prices.


"The CPI we calculated was actually 2 to 3 percent more than the figure published by the government," said Ha Jiming, a chief economist at China International Capital Corporation Limited.


He said indices such as investment product price and property price should also be taken into consideration when evaluating CPI.


Judging from residents' bank savings and analyses into future inflation, China still faces the challenges of repressed inflation, said Ha.


(China.org.cn by Yuan Fang June 26, 2005)

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