Chinese economy to grow at 8 pc in 2009: Jiabao | business | Hindustan Times
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Chinese economy to grow at 8 pc in 2009: Jiabao

Hard pressed by the global financial crisis, China has set a target of eight per cent economic growth in 2009, lower than nine per cent attained last year but still the highest in the world.

business Updated: Jan 30, 2009 04:52 IST

Hard pressed by the global financial crisis, China has set a target of eight per cent economic growth in 2009, lower than nine per cent attained last year but still the highest in the world.

"International financial crisis has inflicted rather big impact on Chinese real economy. Last year, our growth rate was nine per cent, but economy grew at 6.8 per cent in the fourth quarter.... Under these circumstances we have set the target of the growth rate of eight per cent for 2009," Chinese Premier Wen Jiabao said at the World Economic Forum (WEF) meeting in Davos.

Calling the achievement of eight per cent growth rate as tall order, Wen said this is a necessary and attainable target through hard work.

"I still hold conviction that with hard work we will be able to attain this goal," he said.

The Chinese Premier said his country's economy is facing severe challenges, including notably shrinking external demand, overcapacity in some sectors, difficult business conditions for enterprises, rising unemployment in urban areas and greater downward pressure on economic growth.

Without taking the name of any country, Wen blamed the current financial crisis to inappropriate macroeconomic policies of "some economies" and their unsustainable model of development characterised by prolonged low savings and high consumption and excessive expansion of financial institutions in blind pursuit of profit.