China to grow at 7.5% despite global downturn

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SummaryChen Deming said the country is poised for an annual GDP growth rate of 7.5 per cent

China today said it is confident of achieving GDP growth target of 7.5 per cent despite global economic downturn and steady fall in exports.

Chinese Minister of Commerce Chen Deming said the country is poised for an annual gross domestic product (GDP) growth rate of 7.5 per cent, consistent with the predictions made at the beginning of 2012.

Speaking at the two-day Caijing annual conference here, Chen said China's economy has advanced this year despite global economic headwinds.

Chen also said China will implement a more proactive opening-up strategy in the face of grim world economic conditions.

Chen Dongqi, deputy director of the institute of macroeconomic research, under the National Development and Reform Commission (NDRC), also said the GDP target will be met and the economic outlook next year will be better.

However, economic uncertainties, largely derived by the "fiscal cliff" in the United States, the European debt crisis and Japan's deepening recession might continue to hamper China's growth in 2013, state-run news agency Xinhua reported.

Enterprises, according to Chen Dongqi, are also facing operational difficulties that have led to job cuts.

As a result, workers' income expectations are low.

This round of economic recovery will depend more on the market, and might take longer, with less government policy support compared with 2008 and 2009, he said.

Chen Deming said China will follow a more active and open strategy in international trade, expand imports while stabilising external demand, and reject all forms of trade protectionism.

Technological innovation, trade and investment will be the engines that pull the world economy out of its current crisis, Chen said at the conference.

China will make active efforts to balance its foreign trade, and encourage exports based on technology, brands, quality and service while consolidating its traditional competitive edges, he said.

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