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Social stability to help China economy grow at over 8pc for long

REZAUL KARIM, back from China
China’s economy can maintain a steady growth above 8 percent for a relatively long period because of a stable society, a vast market and ample capital, officials said.
They said the economy can stay on the first developing track if they work hard and pay enough attention to the prevailing problems.
Social stability is crucial to economic development while China has a market of 1.3 billion people, which creates a huge consumption power. Meanwhile, China's foreign reserves have reached US $ 1.68 trillion, and it has built up an ample capital pool.
China also beefed up its efforts to improve education and expand its coverage, which paved the way for sustainable economic development, officials said, but added that there were problems China could not afford to ignore.
One of them was the wide gap between the rich and the poor. The income of urban residents has tripled the rural households', while the purchasing power in cities was four times larger than that in rural areas, officials told a delegation of reporters from the Saarc countries.
This delegation travelled Beijing, Shenzhen, Shanghai and Kunming and had a series of interactions with
high government officials, including Chinese Assistant Foreign Minister HeYafei.
Some 21 print and electronic media people from Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka visited China, including Olympic venues in Beijing and Shanghai at the invitation of the Ministry of Foreign Affairs of China from May 19-31.
Chinese officials said China faced increasing pressure to protect the environment and to secure raw materials and resources for its economy. It also lacks a large pool of senior professionals in finance and management.
I-or example, an official said, "We buy a lot of US treasury bonds. It means appointing them (US bond managers) to manage our assets and we only gained a little bit of interest.” "We are trying to resolve such problems."
Officials estimated China's per capita GDP can reach US $3,000 by 2010, US $5,000 by 2020 and US $10,000 by 2049, given its economic expansion and a stronger Yuan.
They said China can increase social and infrastructure spending to support its economic expansion if the global economy slows "more than expected."
The fiscal balance is healthy and the government is well placed to raise social spending and infrastructure investment, they said, adding that the government revenue also increased by 32 percent in 2007.
To cool price gains, they said, China has raised the proportion of deposits that lenders are required to set aside as reserves four times this year and allowed the Yuan to gain about 5 percent versus the US dollar.
Meanwhile, officials said China will strengthen monitoring of investment inflows and banks' foreign currency borrowing after the nation's current-account surplus grew 49 percent last year
China has stepped up its efforts to reduce a surplus that has injected cash into the world's fastest-growing major economy and driven inflation to the fastest since 1996. The widest measure of trade and financial flows posted a surplus of US$371.8 billion from US$250 billion in 2006.
The surplus for the capital and financial account, a measure of investment flows, jumped more than sevenfold in 2007 to US$73.5 billion from US$10 billion a year earlier. China's merchandise exports rose 26 percent in 2007 and the trade surplus surged 48 percent. Foreign direct investment, including money going into the financial industry, increased 14 percent.
Consumer prices in China jumped 8.5 percent in April from a year earlier, near February's 8.7-percent gain, which was the most since May 1996.
Besides increasing the required reserve ratio for banks to a record 16.5 percent of deposits, China has also allowed the Yuan to gain more than 5 percent this year against the dollar to cool inflation.