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People's Daily Online>>China Business

China Voice: China slows, but still engine of world growth


08:52, January 18, 2012

BEIJING, Jan. 17 (Xinhua) -- China's economy is slowing, but not necessarily in a bad way.

The latest official statistics declared the country's 2011 Q4 growth the slowest in 10 quarters at just 8.9 percent, and the whole year GDP growth stood at 9.2 percent.

The downshift was partly caused by economic crises in Europe and the U.S., but was also desired by policymakers who sought to cool down the country's property market.

China's economy seems to have been forging ahead forever: it expanded by 9.2 percent in 2009, 10.4 percent in 2010 and 9.2 percent in 2011, when the West was struggling to avoid a recession.

But no growth lasts at such dizzying speeds. For the reform-minded economic architects in China, slower, more balanced growth may bring about a happier ending.

Even when the Chinese engine is downshifted, it still has the power and potential to drive the world economy. Those who expect a hard landing or even a meltdown of China's economy this year will be quite disappointed.

With a population of 1.3 billion, China will not see its demand for investment and consumption drying up in the foreseeable future, helping to offset export slumps.

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