It was predicted in China Quarterly Update released by the World Bank recently that in 2009 China’s Gross Domestic Product (GDP) would increase by about 7.5%, more than half of which would come from the government-led expenditure.
The impact of international financial and economic turbulence on Chinese economy is so far still in a controllable range, but it is expected to be deepened. The report points out that the Chinese government has currently issued a series of measures to expand domestic demand and promote stable and rapid economic growth, mainly focusing on long-term economic development and people’s livelihood improvement, which also means that higher government-led expenditure will play an important role in the economic growth in 2009. At the same time, the economic stimulating policies issued by the Chinese government provide good opportunities for the transformation of the pattern of China’s economic growth.
“At present, the greatest contribution China could make is to maintain the economic growth and open up the import market,” said by the World Bank’s Country Director David Dollar. And the World Bank Group and China are discussing effective ways to help the developing countries affected by the crisis, but it is still at the early stage.
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