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UPDATED: December 3, 2008
Think Tank: China's Economy to Grow Over 9 Pct in 2009
Chinese economy is forecast to grow by more than 9 percent next year, according to Chinese Academy of Social Science

Chinese economy is forecast to grow by more than 9 percent next year, according to an annual blue paper released by the Chinese Academy of Social Science on Tuesday.

Despite the huge uncertainty in 2009, China could still achieve a 9-percent growth as long as it unveils timely and suitable macro-economic control measures to boost domestic demand, said the blue paper.

Economic growth slowed to 9 percent in the third quarter from 10.4 percent in the first half and 11.9 percent last year. Economic data for October and November showed further downside risks.

Amid rising worries over an economic slump, China unveiled a 4 trillion yuan ($587 billion) stimulus package on November 9 to boost domestic demand. It has also cut the lending rate by 1.08 percentage points as of November 27, the largest reduction in 11 years and the fourth cut since mid September.

The government think tank also said the consumer inflation could be below 5 percent next year.

The agency called to tap domestic demand potential and improve foreign trade polices to help exporters through the hard times. It also urged to grasp the opportunity of slumping oil prices to reform the pricing mechanism of energy.

(Xinhua News Agency December 2, 2008)

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