The Standard in HK reports:
Just a week before the release of macroeconomic data for 2008, People's Bank of China Governor Zhou Xiaochuan has said the mainland could miss its target of 8 percent economic growth this year.
"China is in a moderate economic slowdown and needs measures to curb any abrupt economic downturn," Zhou said at the annual Bank for International Settlements meeting in Basel.
His comment was the first confirmation by a central bank official of Premier Wen Jiabao's view that China needs more stimulus measures to boost the economy.
China's 2008 fourth-quarter and full-year macroeconomic data is due out next week.
Economists expect mainland GDP growth of 9.3 percent for 2008, but their forecasts for 2009 range from only 5.5 percent to 7.5 percent.
"After the rollercoaster year in 2008, the Chinese economy is facing significant growth weakness ... We keep our forecast for real GDP growth at 6 percent year-on-year," said Helen Qiao, economist at Goldman Sachs.
To read more:
http://thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=76939&sid=22214090&con_type=1
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