Business | Economy
China to grow 8% in 2009
Chinese economic growth, buoyed by the government's 4 trillion yuan (Dh2.15 trillion) stimulus package, will likely exceed eight per cent this year, Citigroup said.
- Bloomberg
- Published: 23:35 January 5, 2009
Shanghai: Chinese economic growth, buoyed by the government's 4 trillion yuan (Dh2.15 trillion) stimulus package, will likely exceed eight per cent this year, Citigroup said.
"The most important reason supporting our confidence about eight per cent growth is the government's will and ability," Huang Yiping, Citigroup's chief Asia Pacific economist, wrote in a report.
"Latest official statements confirm that eight per cent growth is now a political as well as economic policy priority."
China needs growth of at least eight per cent to create enough jobs for the 20 million workers entering the urban workforce annually.
The government unveiled a stimulus plan aimed at creating jobs in November and last month called on state-owned companies to avoid firing workers.
First-quarter economic growth may be as low as five per cent, the slowest for some time before government spending on infrastructure spurs second-quarter gains.
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