China confronts a challenging international environment and must boost domestic consumption, said Li Daokui (李稻葵), an academic adviser to the People’s Bank of China, at a financial forum in Beijing yesterday.
China’s economy retains strong growth potential even as the international situation grows more complicated after the global financial crisis, said Li, appointed in March as one of three academic advisers to the central bank.
Pressure to let the yuan rise will grow, while both China and India face swelling trade protectionism against export goods, he said.
“Pressure for yuan appreciation is just starting and far from ending,” Li told an audience of corporate leaders.
“China faces challenges including the housing price surge that’s impeding progress in urbanization,” Li said.
The yuan strengthened 0.68 percent last week, the most since May 2008, to 6.7235 per US$1 in Shanghai, taking its gains to 1.5 percent since a two-year peg ended in June, according to the China Foreign Exchange Trading System.
Non-deliverable yuan forwards reflected traders’ bets that the yuan will gain 1.5 percent in the coming 12 months.
Consumer prices jumped 3.5 percent from a year earlier last month, the most in 22 months, a statistics bureau report showed on Sept. 11.
Industrial output gained 13.9 percent, compared with the 13 percent median estimate of economists surveyed by Bloomberg.
China’s GDP grew 11.9 percent from a year earlier in the first quarter, the fastest pace in almost three years. Inflation topped the government’s 3 percent target.
Taiwan’s Lee Chia-hao (李佳豪) on Sunday won a silver medal at the All England Open Badminton Championships in Birmingham, England, a career best. Lee, 25, took silver in the final of the men’s singles against world No. 1 Shi Yuqi (石宇奇) of China, who won 21-17, 21-19 in a tough match that lasted 51 minutes. After the match, the Taiwanese player, who ranks No. 22 in the world, said it felt unreal to be challenging an opponent of Shi’s caliber. “I had to be in peak form, and constantly switch my rhythm and tactics in order to score points effectively,” he said. Lee got
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