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Central gov't: Economy to grow at 8% in 2009

By Fu Jing (chinadaily.com.cn)
Updated: 2008-12-16 11:32

The worsening financial crisis and looming global recession have forced the government to lower its next year's economic growth target to 8 percent, according to the official economic website.

China Economic Information, a portal affiliated with the National Development and Reform Commission, cited insiders as saying that the central government has already outlined development targets for next year.

The GDP growth rate is expected to slow down to 8 percent, down from this year's estimated 9.4-9.5 percent. And jobless rates in cities will be no higher than 4.6 percent with 9 million new jobs to be created next year.

China's economy slowed down this year after five years' rapid growth with an annual pace higher than 10 percent.