World should be confident in Chinese growth-paper
BEIJING (Reuters) - The world can be confident in China's growth prospects, but Beijing should shore up growth by offering more support to exporters and by cutting taxes, a prominent former lawmaker said in remarks published on Thursday.
Figures next Tuesday are likely to show that China's annual gross domestic product growth dropped below 10 percent in the third quarter from 10.1 percent in the second quarter and 11.9 percent in all of 2007. [nPEK202912]
"Even though Chinese growth has already slowed down, if China can expand by 8-10 percent a year, it can still make a great contribution to the world economy," Cheng Siwei, a former vice head of China's parliament, wrote in the People's Daily overseas edition.
Cheng called for more help for exporters, especially those in the garment and textile sectors, to push them up the value chain, and said Beijing should encourage Chinese firms to increase overseas investments.
Cutting income and corporate tax would leave consumers and firms with more money to spend, Cheng added.
Commenting on sagging stock prices, Cheng said Beijing should "let the market play a fundamental role."
He said the securities regulator should focus on improving the transparency of information disclosure and pushing listed firms to enhance their performance.
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