The Chinese Academy of Sciences (CAS) opens a science forecasting center in Beijing Thursday to advise the state's decision-makers on economic and social development.

CAS academician Guo Lei will chair the center, which is overseen by recognized macro-economist Cheng Siwei, who is also vice-chairman of the Standing Committee of the National People's Congress of China.

"We are expected to invent new theories, methodologies and techniques for making predictions about the concrete major forecasting problems," said Guo, who is also president of the CAS Academy of Mathematics and Systems Science.

Renowned mathematicians and systems scientists released seven forecasts at the center's inaugural ceremony, including analyses on the oil price in 2006, the impact of rising oil prices on China's economy, China's international trade in 2006, food and energy safety and Chinese domestic consumer prices.

The Chinese research teams have already submitted research papers and policy advices to state decision-makers containing forecasts on annual grain outputs, foreign exchange rates, early warning signals for the macroeconomy and demands for oil and natural gas.

They publish about 150 academic papers every year in Chinese and international scientific forecasting journals.

(Xinhua News Agency February 17, 2006)