Saturday, April 04, 2009

China has conditions to achieve 8% growth target in 2009

CHINA has conditions to achieve the 8 percent economic growth target this year, Zhang Yutai, president of the Development Research Center of the State Council said today at the China Development Forum 2009.

Zhang's conclusion was based on the 4-trillion-yuan (US$585 billion) economic stimulus package, 500-billion-yuan tax cut and industry support plans. These would help boost the economy, he said.

According to preliminary statistics, the 4-trillion-yuan stimulus package was expected to contribute 1.5 percent to 1.9 percent to the economic growth this year, Zhang said.

China's economic development was facing three major challenges -- the global financial crisis, periodical economic adjustment and extensive economic growth model, he said.

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