The Chinese government’s spending stimulus package may bring about a 1.9% increase in economic expansion and help the government achieve this year’s economic goals, according to data from the State Department’s investigation team.
"China has the ability to become the first country in the world to emerge from the financial crisis and remain stable in the medium and long term," said the director of the China State Council Research Center at the China Development Forum held in Beijing a few days ago.
Vice Premier Li Keqiang reiterated the goal of China's 8% growth rate at the forum, saying that some industries have shown signs of recovery. Although the US and Japan's economy is shrinking, China still hopes to achieve economic growth in 2009. China’s economy has shown stable “initial signs†as a result of government-backed investments to counter the decline in exports.
In the first two months of 2009, China’s investment has increased by 26.5%, and bank loans in February have also increased. This shows that the government's 4 trillion yuan ($585 billion) stimulus package is providing supplies to the economy.
But not everyone is optimistic about China's economy. The OECD cut China’s economic growth rate to 6% this year, while the International Monetary Fund’s expected value is 6.7%. According to the International Monetary Fund on March 19, the EU’s economy will shrink 3.2% this year, Japan It is expected to shrink by 5.8%, while the US is expected to decline by 2.6%.
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