BEIJING, March 2 (Xinhuanet) -- Despite pressure from employment and inflation, China's gross domestic product (GDP) is predicted by experts at a rate of 7 percent in 2004, reported Tuesday's China Daily.

    Ma Kai, minister in charge of the National Development and Reform Commission, made the prediction, citing a favorable domestic and international economic situation.

    But the Asian Development Bank forecast a 7.9 percent growth for the Chinese economy and expected China to play an even more important role in providing the impetus for growth in the entire East Asian region, according to the newspaper.

    Cao Yuanzheng, chief economist of Bank of China International, said the Chinese economy has entered a new cycle of fast growth that will last until the beginning of 2005.

    Ma was quoted by the English-language newspaper as saying that the government's consideration of slowing the pace of GDP growth is aimed at cultivating a "scientific approach" to social development. Enditem