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GDP up a stunning 10.2% in first Qtr
(Xinhua/chinadaily.com.cn)
Updated: 2006-04-20 12:01 Wang said
local governments arranged too many big projects in 2006, the first year for
China's 11th five-year development blueprint.
He called for intensified
government efforts to tighten land approval and lending. In the first three
months, Chinese banks consumed roughly half of the lending target for the whole
year, adding 1.26 trillion yuan of loans, up 13.98 percent from a year ago.
The State Council, China's cabinet, outlined a decision, at an executive
meeting chaired by Premier Wen Jiabao last Friday, to move to avert a possible
economic overheating by tightening controls on fixed assets investment and money
supply, but detailed plans have yet to be hammered out.
Of the
first-quarter GDP, the primary industry scored 320 billion yuan in value added,
up 4.6 percent; the secondary industry reaped 2.16 trillion yuan, up 12.5
percent; and the tertiary industry reported 1.85 trillion yuan, up 8.7 percent.
China's economy has grown at an around 10 percent clip for each of the
past three years.
The State Council and China's central bank are fully
aware of the rapid growth in bank loan during the first quarter,
Zheng said.
Between January and March, Chinese banks have provided
1.26 trillion yuan in bank loans, which is more than half of the
2.5-trillion-yuan annual target, Zheng said.
He said money supply must be
in line with economic development. "A rapid growth in bank loans may give
economy a spur in short term. In the long run however, it may cause inflation
and confusion to a healthy economy," he said.
Although the first quarter
has seen a 14.7 percent rise in aggregated bank loan over the same period of
last year, or 1.7 percentage points higher over the 13-percent amplitude for
entire 2005, the figure is still lower than the amplitudes of 2003 and 2004,
Zheng noted.
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