China Is Targeting 8% Economic Growth Next Year (Update 2)
From Bloomberg, China Is Targeting 8% Economic Growth Next Year (Update 2)
Dec. 21 (Bloomberg) — China, the world’s third-biggest economy, is targeting 8 percent growth in 2010 amid a “fragile” global recovery, industry minister Li Yizhong said.
The nation also aims for an 11 percent gain in industrial production, Li said in a ministry Webcast today.
[...] “They’ll probably overshoot 8 percent next year,” said Alaistair Chan, an economist at Moody’s Economy.com in Sydney. “The economic momentum China’s generated means it’ll be easier to achieve 8 percent in 2010 than it was this year.”
Chan forecasts a 9.3 percent expansion next year compared with 7.7 percent in the first nine months of this year.
The target isn’t always a good guide to actual performance. In 2007, the 13 percent expansion was 5 percentage points higher than the goal.
[...] China’s banks will probably extend 9.8 trillion yuan ($1.4 trillion) of new loans this year, Li said, without citing a source for the forecast. The total for the first 11 months was 9.21 trillion yuan, central bank data show.
Unprecedented lending has added to the risk of asset bubbles and resurgent inflation. China’s cabinet pledged last week to tackle “excessive” gains in property prices in some cities and economic planners reassured the country that inflation would stay in check.
Read complete report at Bloomberg, China Is Targeting 8% Economic Growth Next Year (Update 2)
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