No one needs to worry about China's economy as long as GDP is higher than 6.5 per cent, said Chi Fulin, a member of China's top political advisory body, in an interview.
A series of macro-economic data indicate that economic growth may slow down. Both the CPI and the PPI are at the lowest point for several years. Chi, also a director of the China (Hainan) Institute for Reform and Development, pointed out that breakthroughs in structural reform will make macro-control more effective.
"Taking economic structural reforms into consideration, it is a high possibility that economic growth will stay between 6.5 per cent and 7.5 per cent," Chi said.
The CPI increased by 0.8 per cent in January 2015 year on year, the lowest rate for three years. Chi estimated that the risk of deflation is increasing. The recent decrease in the last few months is caused by the falling oil price. According to Chi, future CPI trends will be closely related to the oil price. Chi also observed that the international oil price will not fall sharply and that negative growth in China's CPI is unlikely.
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