High hopes for 2009

Chinese individual investors are expecting the domestic stock market to turn bullish in the Year of the Ox.

However, for policymakers, the Chinese New Year brings with it not only a sense of auspiciousness, but also a tough test. If the country is to make the New Year a successful start to another three decades of remarkable economic growth, the authorities must demonstrate a resolution stronger than ever to address the current economic problems with a long term view.

After five years of double-digit growth, the Chinese economy slowed considerably, as the global financial crisis hit its export sector hard last year. Gross domestic product grew only 6.8 percent in the fourth quarter, a sharp slowdown compared with a 13-percent growth in 2007.