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November 8, 2009

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Local demand the key

CHINA should look for economic growth in the next year by boosting domestic demand instead of waiting for a recovery in the global economy, a senior economist said yesterday.

"The world's economy is recovering but it will need more time, so China should rely on increasing domestic demand and expanding home markets," said Yao Jingyuan, chief economist of the National Bureau of Statistics.

At the 4th China International Oils and Oilseeds Conference in Guangzhou, capital of Guangdong Province, Yao said external demand for Chinese products was still weak even though the drop in exports had decelerated in the last three quarters.

Yao added the global recovery would be slow.


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