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China will target 8 pct growth in 2010: minister
Beijing (AFP) Dec 21, 2009 China will target eight percent economic growth next year as the government maintain's pro-growth policies aimed at fighting the global turn-down, a top minister said Monday. "Based on the central government's target for around eight percent economic growth, we're aiming for around 11 percent growth in industrial output," Li Yizhong, Minister of Industry and Information Technology, said in a webcast. "The recovery base has been gradually consolidated and the micro-economic policies will still be in place to boost the economy next year." China has targeted around eight percent economic growth each year since 2005, but the economy has mostly steamed ahead at a pace much faster than the target until the financial crisis hit in late 2008. Li further warned against "blind optimism" as the industrial recovery was mainly supported by government investment and bank loans rather than private investment, he said in the webcast on his ministry's website. "The growth pace is necessary, achievable and appropriate. We will not set the target too high," he said. China's economy could witness growth of more than 10 percent year-on-year in the last three months of 2009, with full year growth of around 8.5 percent, Yu Bin, a top economist at the cabinet's State Council Developmental Research Centre, said last month. China could also maintain double-digit growth next year, Yu told Xinhua news agency, but the economy faced several challenges, including inflation linked to a vigorous government stimulus package and the appreciation of the yuan. China's economy grew by 8.9 percent in the third quarter -- the fastest pace in a year -- after expanding by 7.9 percent in the second quarter and 6.1 percent in the first three months, the slowest pace in more than a decade. Last month, the World Bank upgraded its 2009 growth forecast for China to 8.4 percent on the back of huge public spending but said stronger domestic demand was needed to ensure a sustainable recovery. Share This Article With Planet Earth
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