China is facing worse-than-expected risks of an economic downturn

December 13th, 2008 - 6:45 pm ICT by ANI  

New Delhi, Dec 13 (ANI): China is facing worse-than-expected risks of an economic downturn, as the global recession looms large, the countrys top economic planner has said.

Zhang Ping, Minister of National Development and Reform Commission, said it is still very hard to predict when the worsening global financial crisis will hit.

This is the first time a senior Chinese official has outlined the domestic and global economic landscape while the financial crisis, sparked by the US sub-prime crisis, is still unfolding, the China Daily reported.

Amid the domestic and global risks and uncertainties, coping with sliding economic growth is top of the governments work agenda, Zhang said.

He made the comments during a speech to senior provincial officials in charge of economic and social development at the opening of a three-day national conference to implement the central government’’s instructions and guidelines on fighting the financial crisis.

On Wednesday, the government ended a closed-door economic conference by coming up with guidelines to fight the crisis.

As more than 60 percent of Chinas economy depends on imports and exports, the worsening global economy and contracted overseas demand have already brought worse-than-anticipated risks of an economic downturn to China, Zhang said.

Chinas economic growth slowed to 9.9 percent in the first nine months, after five years of high annual growth of more than 10 percent.

The State Council said earlier that the economy may grow at 9.4 or 9.5 percent this year. (ANI)

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in World |