BEIJING, Sept. 12 (Xinhua) -- China's gross domestic
product (GDP) is expected to grow by 11.3 percent in 2007, said the World Bank
(WB) in its quarterly report on China released on Wednesday.
China's GDP grew by 11.5 percent in the first half of
2007 from the same period last year.
The WB has previously revised its projection for
China's GDP growth rate from 9.6 percent to 10.4 percent in its quarterly report
released in May.
Wednesday's report held that China's economic growth
pattern remains unchanged, as continued strong external trade and an
investment-driven recovery in domestic demand are still major factors behind the
rapid growth.
According to WB's estimates, the net external trade
has contributed more than one fourth to the aggregate growth, remaining at a
high level as in the second half of 2006.
The trade surplus is adding to domestic liquidity and
contributing to steady asset price increases, share prices in particular, said
the report.
The main macroeconomic task remains containing the
rising trade surplus, said the WB report.
The report held that China's consumer price index
(CPI), which rose 6.5 percent from a year ago in August, is expected to
gradually ease later in 2007 despite upward risks.
Data released by the National Bureau of Statistics
(NBS) on Tuesday showed that the accumulative increase of CPI reached 3.9
percent in the first eight months, well above the annual goal of three percent
set by the government for 2007.
The report said although the consumer price index has
risen to a record 11-year monthly high, it is largely attributed to higher food
prices.
Food prices ballooned by 18.2 percent in August,
while prices of non-food products rose 0.9 percent, said the NBS.
It also predicted the galloping Chinese economy would
slow down to 10.8 percent in 2008.
