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article imageChina's GDP Will Reach 7.2% in 2009

By Andrew Moran     Jun 18, 2009 in Politics
On Thursday, it was reported by the World Bank that China’s Gross Domestic Product will “rise respectably” by 7.2 percent.
This substantial growth in these global economic times comes after the government’s decree that it would inject four trillion Chinese Yuan ($585 billion), which would offset any losses or setbacks in their industrial and export growth.
For the entire World Bank Quarterly Update for China click here.
The author of the World Bank’s China Quarterly Update and economist Louis Kujis said, “China can have the confidence to focus on forward-looking policies and structural reforms.” The original projection, published in March, was stated to be 6.5 percent however; Chinese investments, housing sales and imports have either soared or recovered during this economic collapse.
The four trillion Chinese Yuan economic stimulus plan, put forth by the Chinese government, included loosening of credit restrictions, a large amount of tax cuts and infrastructure spending. The World Bank further added, “China needs more domestic demand -- and therefore reforms that channel resources to growth sectors and support domestic markets and urbanization. Such reforms could be pursued all the more boldly and successfully if they are flanked by a well-functioning public finance system and social safety net.”
The good news coming out of China happens a few days after the Chinese government said it would sell U.S. government bonds to show concern to their western counterparts. As of right now, China owns 763.5 billion U.S. dollars, according to the United States treasury.
Before the global economic downturn began, China’s GDP rate was at an amazing fourteen percent. However, after minor clogs in China’s economic superpower, they will maintain to be the world’s future leading financial engine.
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