China's economy to grow about 10pc in 2008

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SHANGHAI, June 10 (AFP): China's economy is likely to grow about 10 per cent in 2008 despite the global slowdown, and the government expects to rein in inflation, state media reported today, citing a senior economist.

Growth will be slower than last year's 11.9 per cent, but China's fundamentals remain strong, the National Bureau of Statistics' chief economist Yao Jingyuan was quoted as saying by the official China Securities Journal.

He said a more open and market-based economy was among the driving forces in China's economic growth that would continue to support expansion.

"The growth is fast, efficiency is improving and people's livelihoods are becoming better," he was quoted as saying.

However, he insisted China will not experience runaway inflation, without elaborating on the reasons.