China’s economy to slow down to 9.8 percent in 2008

October 31st, 2008 - 5:34 pm ICT by IANS  

Beijing, Oct 31 (DPA) The global economic crisis is expected to slowdown China’s economy from previous double-digit growth rates to 9.8 percent in 2008, Chinese officials said Friday.After a significant slowdown in the third quarter, caused by the economic crisis, China’s economy grew 9.9 percent in the first nine months of the year, less than expected, China’s State Information Centre (SIC) was quoted as saying by the China Daily newspaper.

The effects of the crisis were expected to increase gradually, the centre said, adding that China’s economic planners will have to concentrate on ensuring rapid and stable growth in 2009.

An active fiscal policy was necessary, it added. The central government must maintain the yuan at a stable level and reduce market expectations of a currency appreciation, the SIC said.

Consumer prices are expected to rise by 6.3 percent year-on-year in 2008. According to the centre, exports are to grow by 21 percent to $1.47 trillion while imports will be up 27 percent to $1.21 trillion, causing China’s trade surplus to drop by 0.9 percent to $259.9 billion.

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