Tuesday, March 06, 2007

china to slow down?

China's Premier Wen Jiabao announced yesterday that China's GDP growth target for 2007 is 8%. That's lower than the staggering 2006 growth of 10.7%!
Speaking at the opening of the National People's Congress, Mr Wen announced that the government's main goals for this year are to achieve harmonious growth, addressing the income gap between urban and rural population, while cutting energy spending and pollution.
China's economic growth is nothing short of extraordinary for a country with such a big population. Goldman Sach's well known BRIC report previews that China will overtake the US as the world's largest economy around 2041. The same report previews that by 2050, China's per capita income will be US$ 31,357.00, which is almost equivalent as the current GDP per capita in Japan! Can you imagine 1 billion-plus people with that much spending power?

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