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2012, maybe not the last but still one of the hardest year (3)

(Xinhua)

13:17, January 01, 2012

But Lu is more concerned about being laid off than making ends meet in the new year, as the management of her company has been talking about downsizing amid a "tougher economic environment."

"The doomsday is not what most people really want," Lu said, "but I am lost. Sometimes have no idea where I will be and what I will do."

The Chinese government, however, is certain that it will be busy this year shoring up economic growth and adjusting to a more balanced growth model, which are both vital to easing the concerns of people like export businessman Zheng and white-collar worker Lu.

The government vowed to maintain stable and relatively fast economic growth, further transform the economic model and improve people's lives amid an "unstable and uncertain world economy" during December's central economic work conference, which mapped out the economic work blueprint for 2012.

China's pledge of maintaining the buoyant economy was echoed by leading indicators which signalled that a soft landing is very likely for the world's second largest economy.

Despite economic chaos in Western economies, China managed to expand its GDP by 9.4 percent in the first three quarters of 2011, and it also calmed inflation in November when its CPI receded to 4.2 percent from a three-year high of 6.5 percent in July.

However, the conference also raised the alarm that the economy is facing pressure from both slowing economic growth and inflation, coinciding with a World Bank report which forecast China's growth to slow moderately to 8.4 per cent in 2012, but noted "the risks are tilted to the downside."


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