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GDP growth seen below 9%
By Wang Yanlin |
September 7, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S economic growth may slip below 9 percent next year for the first time in a decade, the chief economist at the State Administration of Foreign Exchange said yesterday.
The projection is the latest sign of weakening confidence in the world's second-largest economy after several financial institutions downgraded their outlook for China's growth.
"The Chinese economy is facing serious challenges despite strong growth," Huang Guobo, chief economist at SAFE, said at a forum in Beijing, according to Reuters.
"The weakening global demand for Chinese exports will be a challenge. If the situation continues next year, China's growth rate may fall below 9 percent," Huang said.
He was not the first economist that predicted a slower rate. JPMorgan last week cut its forecast for China's economic growth in 2012 to 8.5 percent from this year's projected rate of 8.9 percent because exports are likely to slump.
Deutsche Bank also revised downwards China's gross domestic product growth next year to 8.3 percent from a previous estimate of 8.6 percent.
But Huang is among the few government economists who have predicted below 9 percent for next year, signaling the government's view that an easing in economic growth is strengthening.
The projection is the latest sign of weakening confidence in the world's second-largest economy after several financial institutions downgraded their outlook for China's growth.
"The Chinese economy is facing serious challenges despite strong growth," Huang Guobo, chief economist at SAFE, said at a forum in Beijing, according to Reuters.
"The weakening global demand for Chinese exports will be a challenge. If the situation continues next year, China's growth rate may fall below 9 percent," Huang said.
He was not the first economist that predicted a slower rate. JPMorgan last week cut its forecast for China's economic growth in 2012 to 8.5 percent from this year's projected rate of 8.9 percent because exports are likely to slump.
Deutsche Bank also revised downwards China's gross domestic product growth next year to 8.3 percent from a previous estimate of 8.6 percent.
But Huang is among the few government economists who have predicted below 9 percent for next year, signaling the government's view that an easing in economic growth is strengthening.
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