Chief economist: no need for second economic stimulus package

13:22, November 06, 2009      

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"Although currently Chinese economy is still facing many difficulties, the economic stimulus package itself is very comprehensive. As long as China develops and perfects the package, there is no need to turn to a second round. It is expected that there will not be too much change in next year's central government policy to encourage the expansion of spending," Yao Jingyuan, chief economist at the National Bureau of Statistics made the above remark in an interview recently.

Q: How do you evaluate the performance of China's economy in this round of the international financial crisis?

Yao: From the second half of last year, affected by the global financial crisis, China's economy has encountered unprecedented difficulties and challenges. The challenge is reflected in that due to economic recession in the developed countries brought by world financial crisis, demand fell rapidly, leading to a sharp decline in China's external demand and export enterprises were affected. Late last year, 15% of the enterprises stopped production or cut to half production. There has been massive unemployment, and tens of millions of migrant workers were forced to return home.

State Council issued a timely and decisive economic stimulus package. Since the second half of last year, the State Council issued new policy or measures almost every week. Thanks to the economic stimulus package, in the first three quarters GDP growth reached 7.7% on average, and there is no doubt that China can achieve the goal of "maintaining 8% growth rate" in 2009. Generally speaking, China has achieved a decisive victory over the impact of this crisis.
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