Chief economist: no need for second economic stimulus package (2)

13:23, November 06, 2009      

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Q: What do you think of the current economic situation?

Yao: We need to see two points: on the one hand, we have already achieved decisive results in overcoming this difficulty. China's economy is stabilizing and getting better, and the foundation for the recovery is continually being consolidated. On the other hand, it should be noted that compared with previous month China's exports grew, but compared with the same period last year, in the first nine months of 2009, China's total imports and exports experienced negative growth of 20.9%.

We must put expanding domestic demand as the fundamental point of China's economic growth, and can not put all the efforts in praying for earlier and faster recovery of the world economy. In addition, deep-seated problems in China's economy have not been fundamentally resolved, such as economic structure, industrial structure and so on. Now China is facing the problem of excess production capacity. The average GDP growth rate in the first three quarters is 7.7%, among which investment contributed 7.3%. From this perspective, China's economy is now in an extremely important and crucial period, and we must ensure policy's continuity and stability.
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