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WB: China's economy to grow 8.7% in 2008

(Xinhua)
Updated: 2006-12-14 11:14

The World Bank report also said that robust expansion in credit and money supply, in part fueled by strong balance of payment inflows, helped support an acceleration in domestic demand, whose contribution to growth increased to an estimated 7.3 percentage points in 2006, up from 5.6 percentage points the year before.

During the first nine months of 2006, China's trade surplus increased to 110 billion U.S. dollars, already higher than the total for all of the 2005, and its international reserves have exceeded one trillion dollars.

According to the World Bank report, owing to years of annual export growth of more than 20 percent, China has overtaken the United States as the world's second-largest exporting nation during the course of this year.

Bert Hofman, World Bank's Lead Economist for China, told Xinhua that seeking both external and internal balance in economy is still a major task for China to do in the coming years. And China's11th Five-year Planis an important policy to readjust itseconomy for future sustained and healthy development.

He suggests China should pay more attention to environmental pollution, which is also a major challenge not only for the East Asia and Pacific region, but also for the whole world.