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Experts debating over the "Turning Point" of China's economy after the Beijing Olympic
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Experts debating over the "Turning Point" of China's economy after the Beijing Olympic

  • Categories:Media Coverage
  • Author:
  • Origin:China Securities Journal
  • Time of issue:2008-08-04 13:41

(Summary description)"China's economy, though prosperous in general, still faces many challenges." While several experts agree on the opinion, they still held remarkably different views as regards whether China's economy 

Experts debating over the "Turning Point" of China's economy after the Beijing Olympic

(Summary description)"China's economy, though prosperous in general, still faces many challenges." While several experts agree on the opinion, they still held remarkably different views as regards whether China's economy 

  • Categories:Media Coverage
  • Author:
  • Origin:China Securities Journal
  • Time of issue:2008-08-04 13:41
  • Views:0

"China's economy, though prosperous in general, still faces many challenges." While several experts agree on the opinion, they still held remarkably different views as regards whether China's economy will experience a "turning point" after the Beijing 2008 Olympic.

At "China"s Economy 2008: New economic incentives after the Beijing 2008 Olympic, dialogue between opportunities and challenges”, a forum held on August 2, 2008 and sponsored by Shihua Caixun, Gao Huiqing, director of the Development Strategy Bureau of the Economic Forecasting Department of the State Information Center, maintained that China's economy would experience a "turning point" after the Beijing Olympic. While a gradual "turn" won't amount to much, whether the economy will go downward in a "mild" or "drastic" manner should be the focus of attention. It can also be perceived from the change of state macro-control policy from "two prevents" to "one maintain one control" that the central government has already changed its view of the country's economic performance. While the present inflation persists, the Chinese government has changed its attitude towards the direction of economic development. It's clear that the government is willing to change from "prevention" to "support" in terms of state macro-control.

Yi Xianrong, a researcher from the institute of Finance & Banking of the Chinese Academy of Social Sciences, said that China's economy was still prosperous in general. Our economy hasn't witnessed the so-called "turn", he maintained, but the government still has three problems to cope with: severe inflation, excessive RMB appreciation and unstable development of the real estate market.

He stressed that it was of crucial importance to improve people's housing conditions. So the real estate market and the development of real estate investment, thereby, were still the foundation stone of the healthy development of the nation's general economy and the essence of national power.

Gao Huiqing believed that China's real estate industry would still be the greatest drive of China's economic growth in the future. "Intervention at its low point can yield greater profits."

Yu Pun Hoi, President of Shihua Caixun, said that China's overheated economy had already returned to a "healthy" state. The adjustment this time, he concluded, was the result of the natural development of the industry for the first time. China's economy, after the past seven to eight years of prosperous development, naturally reached the current status and would witness the establishment of a relatively stable market with reasonable supply and demand relations. The adjustment would not change China's fundamental aspects, he predicted, but rather strengthen these aspects for the better development of the nation's economy in the next economic cycle.

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