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China's economy booms, inflation looms
BEIJING, Dec 21: China s booming economy expanded al a fast pace in November, powered by government agencies and factories pouring billions Into investment, but the danger of inflation is increasingly severe, the government said, reports Reuter. Industrial output value Jumped 26.1 per cent, in November against the same month last year, the state statistical bureau said in a report published In the official media Sunday. Chinese consumers, throwing their savings at an Increasingly wide array of goods in glittering shopping centres appearing all over the country, sent retail sales up a year-on-ycar 17.1 per cent.
State-owned factories and businesses. Interpreting senior leader Deng Xiaoping's command for faster economic reform as a green light for every imaginable project, sent fixed asset investment up 42.1 per cent in November compared to a year earlier.
The fast growth comes at the heavy cost of higher inflation. however.
Inflation in 35 large and medium sized cities was a year-on-year 12.8 per cent in November.
For the whole country, prices tn November tumped
seven per cent against the same month last year, more than double the whole year rate of 2.9 per cent recorded in 1991.
The total situation of supply and demand is getting tense in some areas," the official economic daily warned.
The newspaper said It was crucial that the government take effective action to regulate the economy.
Economists warn that fl will not be easy for China to control the current boom-oriented climate.
China’s central bank is not able to regulate the economy through monetary means like its counterparts in the west, although officials have promised a new law next year lo establish concepts such as discount rates and reserve requirements.
The government has lost much of its control over fiscal policy as well, with local governments interpreting the new atmosphere of economic reform as permission to change ahead with investment projects without waiting for permission from Beijing.
But officials seem undecided as to how much inflation the country can tolerate during
the process of transforming ihc socialist planned economy into what China calls the "socialist market economy."
Wang Shtyauan. spokesman for the stale commission for restructuring the economy, told the Xinhua news agency that 90 per cent of retail consumer goods prices were now set by the market.
"China has adopted price reform measures without causing acute price fluctuations and severe inflation this year," the agency said, citing several years of bumper harvests and sufficient reserves of industrial products as Important factors.
Avoid overheating warns Zemin
Another report from AFP adds: Chinese Communist Party chief Jiang Zemin and Premier U Peng have warned that China must take measures to avoid an overheating." Jiang was quoted as saying Friday at the closing session of the annual national economic planning meeting.
The growth rale must be in harmony with the economic structure and the capacity of our economy," he said.
China's Gross National Product (GNP) is expected to
grow by 12 per cent this year — the fastest rale since 1988. when an overheated economy forced implementation of an austerity programme lifted only last January.
While stressing that the Chinese economy was basically healthy, both leaders said if "was necessary to give attention to certain new problems."
"We must." said U. "put into effect market mechanisms and at the same time reinforce macro-control" of the economy.
The People's Daily did not cite the specific problems nor the measures planned for solving them, but in recent months the Chinese government has made an effort to rein in the uncontrolled In- ■ vestment boom.
But while steps have been taken to tighten credit, provincial governments in the booming southeastern coastal region, where growth Is spiralling at a rate of more than 20 per cent, have largely turned a deaf ear and have allowed the rapid expansion to continue.
China's stunning growth • rate, thought lo be easily the highest of any major world economy this year, is expected to continue.