Economists say stability will remain the priority
Beijing will not make significant changes to its macroeconomic policies despite the recent sharp upward revision of the economy's size and pace of growth, say mainland experts.
The National Bureau of Statistics has raised gross domestic product figures dating back to 1993 after completing a census aimed at capturing more accurate data on the economy.
State Information Centre chief economist Zhu Baoliang said the revision was unlikely to prompt changes in macroeconomic policies, although it might lead to corresponding revisions of growth forecasts this year and next.
Zhao Xijun , deputy director of the Finance and Securities Research Institute at Renmin University, said the government would press ahead with current macroeconomic policies.
It would also 'continue to keep interest rates at a comparatively low level to maintain stable growth of monetary supply, with a growth rate for M1 and the broad M2 at about 16 per cent, and [also maintain] a comparatively stable exchange rate for the yuan', he said.
Mr Zhu said the structure of the economy looked more rational than previously thought because the census revealed the services sector was making a greater contribution. 'There is no reason why the government should greatly adjust its macroeconomic policies.'
