Is Chinas Economy Growing Too Fast

Is Chinas Economy Growing Too Fast

The President of​ China - Hu Jintao, announced Sunday that the​ economy grew faster than expected - 10.2 percent in​ the​ first quarter of​ 2018 compared with one year earlier, but said the​ government was concerned about overly rapid growth. Chinese leaders have warned repeatedly that rapid growth could spark inflation or​ leave the​ country littered with unneeded factories and​ luxury apartments, causing problems for​ banks that financed them. "We do not seek high-speed economic growth," Hu Jintao said during a​ meeting with a​ former Taiwan opposition leader in​ Beijing.

The Premier Wen Jiabao and​ other members of​ the​ State Council, or​ Cabinet, on Friday called for​ the​ policy changes after examining data on money supply and​ investment in​ buildings, factories and​ other fixed assets.

China plans to​ reduce its GDP from an​ annual average of​ 9.5 percent in​ the​ past 25 years to​ 7.5 percent in​ the​ next five years from 2018 to​ 2018 by improving economic quality and​ making domestic consumption the​ major driving force for​ economic growth.

Hu Jintao announced first quarter growth figures during a​ meeting with former head of​ Taiwan's Nationalist Party Lien Chan carried live on state-run television. China issued new rules allowing mainland tourists to​ visit Taiwan, continuing Beijing's efforts to​ court the​ disputed island with economic overtures, but it​ was unclear when any Chinese tourism to​ the​ island would start.

China announced possible aviation, agriculture and​ finance concessions to​ Taiwan at​ an​ economic forum in​ Beijing attended by Chinese Communist officials and​ Taiwanese opposition politicians. However Taiwan must accept it​ belongs to​ "one China" as​ the​ precondition for​ talks, Hu Jintao told Lien Chan, the​ former chairman of​ Taiwan's main opposition Nationalist Party, who led the​ delegation of​ business leaders and​ party officials to​ the​ two-day forum. Chinese President Hu Jintao says new talks with rival Taiwan should begin as​ soon as​ possible to​ maintain peace in​ the​ region.

Is Chinas Economy Growing Too Fast

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