9.4% growth for 2005

China's economy is likely to grow by 9.4% this year and will see continued fast growth next year, State Development and Reform Commission minister Ma Kai has been quoted as saying by state media. Ma said fixed-asset investment for the year is expected to increase by 25%, while retail sales will increase by 13%. Efforts will be made to restrain overproduction and avoid overheating in several sectors, notably steel, coke and autos where oversupply is threatening jobs. The government hopes to increase domestic consumption by raising the minimum wage for urban residents but Ma admitted that increasing farmers' income would be hard due to falling grain prices.