National Bureau of Statistics: China’s GDP to Grow by more than 9%

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Dec. 29 – China’s economic growth is expected to surpass 9 percent in 2008, Yao Jingyuan chief economist of the National Bureau of Statistics said.

“There has been a growing downward pressure in the fourth quarter,” Yao told the Beijing Morning Post. “But the annual GDP growth should exceed 9 percent.”

In 2007, China’s economy grew by 11.9. However, slowing exports in 2008 took a toll, and the economy expanded at only 9.9 percent in the first three quarters of 2008, the lowest rate in the past four years. The global financial crisis only added to China’s export woes; in November, exports fell 2.2 percent from a year earlier, the first decline in seven years.

While China’s exports will likely continue to fall as Europe and the United States struggle through a recession, according to Yao, China’s economic fundamentals remain sound and urbanization and industrialization will maintain their momentum.