China set for 'reasonably high' growth in 2009: WBank economist
The Chinese economy is expected to see slower but still "reasonably high" growth of about eight to nine percent next year, the World Bank's chief economist predicted Monday.
By Agencies |
TOKYO: The Chinese economy is expected to see slower but still "reasonably high" growth of about eight to nine percent next year, the World Bank's chief economist predicted Monday.
China's economy is expected to grow by about nine to 10 per cent this year as the authorities take steps to stimulate the economy, Justin Yifu Lin said at a seminar here.
Official figures showed Monday that Chinese economic growth slowed to 9.0 per cent in the third quarter of 2008. For the first three quarters of 2008, growth slowed to 9.9 per cent.
It was the first time since the fourth quarter of 2005 that quarterly growth in China has slipped into single digits, according to the government.
Lin said China and other developing countries may have to lower borrowing costs to spur economic growth in the face of a global credit crunch.
With falling commodity prices set to dampen inflation, "one possibility is to use monetary policy" to prop up growth, he said.
China's policy makers started out the year focusing heavily on taming inflation as food prices soared, but they have recently shifted their emphasis more towards boosting economic growth.
China's economy is expected to grow by about nine to 10 per cent this year as the authorities take steps to stimulate the economy, Justin Yifu Lin said at a seminar here.
Official figures showed Monday that Chinese economic growth slowed to 9.0 per cent in the third quarter of 2008. For the first three quarters of 2008, growth slowed to 9.9 per cent.
It was the first time since the fourth quarter of 2005 that quarterly growth in China has slipped into single digits, according to the government.
Lin said China and other developing countries may have to lower borrowing costs to spur economic growth in the face of a global credit crunch.
With falling commodity prices set to dampen inflation, "one possibility is to use monetary policy" to prop up growth, he said.
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China's policy makers started out the year focusing heavily on taming inflation as food prices soared, but they have recently shifted their emphasis more towards boosting economic growth.
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