Is China s Economy Growing Too Fast
Below is a MRR and PLR article in category Society -> subcategory Politics.
Is China's Economy Growing Too Fast?
Summary:
China's rapid economic growth might lead to future challenges.Article:
Chinese President Hu Jintao announced on Sunday that China's economy expanded by an impressive 10.2% in the first quarter of 2006 compared to the previous year. However, the government is concerned about the implications of such rapid growth. Officials have consistently warned that too much growth could trigger inflation or result in a surplus of unused factories and luxury apartments, potentially creating issues for banks that financed these projects. "We do not seek high-speed economic growth," President Hu Jintao commented during a meeting in Beijing with a former Taiwanese opposition leader.
On Friday, Premier Wen Jiabao and the State Council urged policy changes after reviewing data on the money supply and investments in infrastructure like buildings and factories.
China aims to reduce its GDP growth rate from the annual average of 9.5% over the past 25 years to 7.5% over the next five years, from 2006 to 2010. This goal focuses on enhancing economic quality and boosting domestic consumption as the primary driver of growth.
Hu Jintao shared the first quarter growth figures during a meeting with Lien Chan, former head of Taiwan's Nationalist Party, which was broadcast live on state television. Additionally, China introduced new rules to allow mainland tourists to visit Taiwan, continuing efforts to strengthen ties with the disputed island through economic measures. However, the timing of these tourism initiatives remains uncertain.
At an economic forum in Beijing, attended by Chinese officials and Taiwanese opposition politicians, China proposed concessions in aviation, agriculture, and finance to Taiwan. Nevertheless, President Hu emphasized that Taiwan must acknowledge the "one China" principle as a condition for talks. He expressed a desire to engage in discussions with Taiwan soon to maintain regional peace.
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