Consumers and economists share an optimistic outlook for the
Chinese economy over the next six months, according to two surveys.
Chinese consumers are among the most optimistic in the
Asia-Pacific region, according to a survey by credit card firm
MasterCard International that was released yesterday.
MasterCard International surveyed over 5,400 consumers from May
15 to June 5 in 13 markets in the Asia-Pacific region. Vietnam,
Malaysia and China topped the list of markets with the most
positive outlook.
Chinese consumers remain very optimistic about employment, the
economy, regular income, the stock market and overall quality of
life, the company said.
Yuwa Hedrick-Wong, an economic adviser for MasterCard in the
Asia-Pacific region, said stable economic development would
continue in China during the coming months. Its economic growth
rate will likely fall from 11 to 9 percent, shifting from
acceleration to cruise.
Meanwhile, Chinese economists hold cautiously optimistic views
on the nation's economic development for the next six months,
according to a separate survey by the National Bureau of
Statistics, which was released on Monday.
The survey of 50 economists showed that 88 percent believe the
economic situation would remain unchanged or improve in the next
six months.
Economists who believe the fixed asset investment, consumption
and exports would remain unchanged or improve accounted for 69
percent, 88 percent and 55 percent, respectively.
The central government's macroeconomic controls have helped to
slow runaway economic growth, said the economists. Inflationary
pressures will be alleviated and pressure for appreciation of the
Chinese currency will abate, said a majority of the economists
surveyed.
Prospects for China's utilization of foreign investment will
improve, and economic globalization will benefit the country.
A majority of the 50 economists hold positive views about the
central government's efforts to slow growth. But it should reduce
the weight of administrative measures in macroeconomic control over
the next six months, and a proper inflation rate should be allowed,
they suggested.
They believe the government should not rush to raise the
renminbi interest rate or cut fiscal expenditure. The government
should encourage private investment and increase support for
agriculture and small and medium-sized companies, as well as the
service sector, in the next few months.
In addition, they advocated an intensification of reforms in
land use, the financial system and investment mechanism.
More than 70 percent of the 50 economists said they were
satisfied with the current economic performance.
(China Daily August 5, 2004)
