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Wednesday 23rd of December 2009
December 21, 2009    

Analysts say China’s growth target of 8% can be achieved

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by Kay Murchie

Minister of Industry and Information Technology Li Yizhong said China’s Government is targeting economic growth of around 8% in 2010.

In a bid to boost China’s economy, which is the world’s third largest, the Government embarked on a massive stimulus package of infrastructure projects to create jobs.

The stimulus package appears to have been successful after the economy continues to deliver positive data.

Earlier this month, it was announced that Chinese industrial output surged 19.2% ahead in November, compared to a year earlier, increasing from a 16.1% annual rise in October.

In the meantime, the latest retail sales figures revealed a rise in consumer spending. According to the National Bureau of Statistics, sales were up 15.8% in November compared with the same month in 2008.

In addition, it was recently reported that annual car sales and production in China has accelerated and topped the 12 million mark to the end of November.

China has never produced more than 10 million cars in one year before. Only the US and Japan (the world’s number one and two economies) have produced 10 million cars in a single year.

Delivering its growth figures, Minister of Industry and Information Technology, Li Yizhong, said: “Based on the central Government’s target for around 8% economic growth, we’re aiming for around 11% growth in industrial output.”

Many economists believe China’s economic growth target should be achievable and are predicting growth of close to 9% next year.

Official figures recently showed that Chinese GDP growth surged to 8.9% in the July to September period, up from 7.9% in the April to June period.

The strong result was due to all sectors performing strongly and was the fastest GDP growth since quarter three last year.

Many analysts have described China’s recovery as “impressive”.

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