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It's 'highly possible' for China to meet GDP growth target

By Xin Zhiming (chinadaily.com.cn)
Updated: 2009-03-21 12:06

The possibility of China achieving its target of an 8 percent GDP growth this year is "very high" while the world economy may hopefully recover from next year, said senior economists today.

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The 4 trillion yuan stimulus package China released last November, together with other stimulus measures, would contribute 1.6-1.8 percentage points to the country's GDP growth this year, said Lu Mai, economist with the State Council's Development Research Center, on the sidelines of the China Development Forum 2009 today.

"It is highly possible that China can meet this target," he told the www.ce.cn.

That would contribute to the global economic recovery as Murilo Portugal, IMF's deputy managing director, said at the forum that the world economy could recover from next year.

He said the economic indicators would improve in the summer and the world economy would step out of the crisis from next year. But he warned that the global economic recession will worsen this year and how fast it would go out of the recession would hinge on the forcefulness of the stimulus plans of the world economies and the effectiveness of the implementation of their financial bail-out plans.