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Official: GDP target can be achieved
Source: Xinhua |
September 21, 2009, Monday
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Print Edition
Print Edition
CHINA'S economy will be able to meet the central government's target of 8 percent growth in gross domestic product this year although there are still difficulties ahead, a senior economist said over the weekend.
Yao Jingyuan, chief economist with the National Bureau of Statistics, made the remarks at a forum in Shanghai, saying the global economic downturn did not change the fundamentals of the country's economic development, which is buoyed by ongoing industrialization, urbanization and marketization.
He said the country's economy has taken a turn for the better after the slowdown in the second half of last year.
Yao added that China's economy has recovered quicker than in the United States, Japan, Europe and other nations of the BRIC group, which are Brazil, Russia, India and China.
China's economy expanded 7.9 percent from a year ago in the second quarter of this year, faster than the 6.1 percent in the first quarter, which was the worst quarterly growth in 10 years, dampened by a slump in exports.
The recovery was boosted by the active fiscal policy and moderately loose monetary policy the central government put in place last November.
However, Yao warned of "blind optimism," saying the economic recovery is not on a solid footing yet and that there are still many uncertainties ahead.
He also downplayed the possibility of inflation in the short term.
Yao Jingyuan, chief economist with the National Bureau of Statistics, made the remarks at a forum in Shanghai, saying the global economic downturn did not change the fundamentals of the country's economic development, which is buoyed by ongoing industrialization, urbanization and marketization.
He said the country's economy has taken a turn for the better after the slowdown in the second half of last year.
Yao added that China's economy has recovered quicker than in the United States, Japan, Europe and other nations of the BRIC group, which are Brazil, Russia, India and China.
China's economy expanded 7.9 percent from a year ago in the second quarter of this year, faster than the 6.1 percent in the first quarter, which was the worst quarterly growth in 10 years, dampened by a slump in exports.
The recovery was boosted by the active fiscal policy and moderately loose monetary policy the central government put in place last November.
However, Yao warned of "blind optimism," saying the economic recovery is not on a solid footing yet and that there are still many uncertainties ahead.
He also downplayed the possibility of inflation in the short term.
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