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Think Tank: China's economy to grow 10.5 percent in 2006
2006-10-11 03:19:38 THE ASSOCIATED PRESS

SHANGHAI, Oct. 11 (AP) -- China's economy is likely to grow by 10.5 percent this year and slow only slightly in 2007, state-run newspapers said Wednesday, citing a government think tank that called for stronger action to cool an investment boom.

Authorities should raise interest rates "appropriately" and step up foreign exchange reforms and controls on the property market, the Chinese Academy of Social Sciences said in a report carried in the China Securities Journal and Shanghai Securities News.

Economic growth for 2007 is forecast at 10.1 percent, it said. The government recently raised its economic growth figure for 2005 to 10.2 percent, announcing new measures to reduce the risks of a financial crisis or an upsurge in inflation.

The central bank has already raised interest rates twice this year. Beijing wants to keep growth robust to help reduce poverty and create new jobs for the country's legions under- and unemployed.

The official growth target for this year is 8 percent.

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