BEIJING, Nov. 5 (Xinhua) -- Eight-percent growth was no longer a problem for China's economy this year, but the real challenge was to push forward structural adjustments, a senior economist said Thursday.
Yao Jingyuan, chief economist of the National Bureau of Statistics (NBS), told a forum in Beijing that China's economy was over the worst, saying November 2008 to February 2009 was the toughest period for the economy.
The country's economy had gained momentum each quarter, which would ensure full-year growth of 8 percent, he said.
NBS data showed the economy expanded 8.9 percent year on year in the third quarter, faster than the 7.9 percent in the second quarter and 6.1 percent in the first, backed by the stimulus packages the government put into place in last November.
The stimulus packages to prop up growth had set a stage for stronger growth in the future, he said.
However problems remained and the real challenge for the economy was to adjust its economic structure, Yao said.
"We should not pursue economic expansion in terms of size and speed in the fourth quarter or the next year, but put more efforts on structural adjustments."
He urged more efforts to boost consumption as the economic growth should rely on domestic demand. Investment accounted for about 95 percent of GDP growth, he said, without defining the exact time frame.
China to reform Supply, Marketing Cooperatives to boost rural economy
BEIJING, Nov. 4 (Xinhua) -- Chinese government approved a plan Wednesday to push forward the reform and development of the country's Supply and Marketing Cooperatives to advance rural economy.
Supply and Marketing Cooperatives, which have a history of more than 80 years in China, have served as an important platform for the distribution of agricultural products in rural areas. Full story
China's economy expected to grow faster in 2009: World Bank report
BEIJING, Nov. 4 (Xinhua) -- The World Bank on Wednesday raised China's economic growth forecast for this year and projected sustainable and robust growth in 2010.
China's gross domestic product would increase 8.4 percent this year, making the country's goal of 8 percent within reach, the Washington-based lender said in its latest update on China's economy. Full story
China's economy gains on domestic demand: Goldman Sachs economist
BEIJING, Nov. 2 (Xinhua) -- China has made remarkable achievements in the past decade thanks to its huge trade surplus and now it turns to gain momentum from domestic demand, Jim O'Neill, chief economist at Goldman Sachs, said Monday.
O'Neil, who first dubbed China, India, Russia and Brazil "Bric" in 2001, told Xinhua that China could be "the largest economy in the world" in 2027 with its GDP of 21 trillion U.S. dollars, and its consumption could be 10 trillion dollars, or nearly 50 percent of the whole GDP. Full story
Special Report: Global Financial Crisis
