Business | Economy
China targets 8% growth in 2009
China's top economic policymakers will convene next week to plot how to secure growth of at least eight per cent in 2009, government officials said on Tuesday.
- Reuters
- Published: 23:25 December 2, 2008
Beijing: China's top economic policymakers will convene next week to plot how to secure growth of at least eight per cent in 2009, government officials said on Tuesday.
Beijing has dramatically relaxed its policy stance in recent weeks out of concern that the global financial crisis is badly damaging growth and job creation in the world's fourth-largest economy, risking social instability.
The annual central econ-omic work conference, which will take place from Monday till today, will discuss how to implement the recently adopted "expansive" fiscal policy and "moderately easy" monetary settings, an official said.
"The meeting will focus on making arrangements to implement the revised policies and will set a goal of eight per cent for 2009 economic growth," he said.
Annual gross domestic product (GDP) growth slowed to nine per cent in the third quarter, from 10.1 per cent in the second, and Goldman Sachs yesterday forecast just 7.3 per cent year-on-year growth this quarter. Moreover, risks were tilted to the downside in coming months as the government's pump-priming was unlikely to have an effect before the second quarter at the earliest, the bank said.
An eight per cent growth rate is widely regarded as the minimum that China needs to absorb the millions entering the work force every year.
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