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Rougher seas ahead

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Posted by Aliuser on Dec 14, 2008 in China Import and Export











Beijing top leaders reassure policies to boost domestic growth by ramping up public spending and cutting taxes after their 3-day meeting in the capital city – the Central Economic Work Conference, which is held annually at year-end to adjust policy for the coming year.

Central-Economic-Work-Conference_Photo courtesty of China.com

Central-Economic-Work-Conference_Photo courtesty of China.com

 

Economic data released this week showed further risks to the economy.

  • The Producer Price Index (PPI) fell to 2 percent in November, down from 6.6 percent in October, the slowest pace ever since May 2006.
  • The Consumer Price Index (CPI), the barometer for gauging inflation, eased to 2.4 percent last month, down form 4 percent in October
  • Exports in November slid 2.2 percent year-on-year, the first monthly decline since June 2001. It’s down from 19.2 percent growth in October.
  • Foreign direct investment in to China last month reached US$5.32 billion, the least ever since October 2007

China is targeting around an 8 percent gross domestic product (GDP) growth rate for 2009 to ensure sufficient employment and safeguard social stability despite the challenges.

China has cut its lending rate four times since mid-September, with the latest reduction of 1.08 percentage points, and unveiled a 4 trillion yuan ($586 billion) stimulus package to avert an economic slump.

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