China's economic growth rate is expected to be 8-9% next year. The contribution of China's rapid economic growth will be the greatest to the world, which is suffering from the current financial crisis, said Lin Yifu, World Bank Chief Economist and Senior Vice President in an interview at the high-level international forum in commemoration of the 30th anniversary of reform and opening-up on October 26.
Lin added, strong consumer expenditure and investments in fixed assets will continue to be the force driving the Chinese economy forward into 2009. "When compared with the double-digit growth during the past several years, there will be an adjustment of 2-3%. But as for the whole world, China is still a country with fast economic growth."
He also suggested that the first imperative for developing countries, including China, is to prevent the collapse of financial institutions. Governments should make resolute, swift and comprehensive efforts to prevent banking institutions from falling apart. Meanwhile, efforts should also be made by relaxing monetary policy, adopting an expansionary fiscal policy and implementation of anti-cycle operations to achieve an economic soft-landing.
By People's Daily Online
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