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Gov't to leave off role in driving Chinese economy next year

(Xinhua)
Updated: 2009-09-07 16:53

The major driving forces of China's economy would be property development, corporate investment and exports next year, instead of government-led spending for this year, a top economist said Monday at a forum in Xiamen in eastern Fujian province.

The Chinese government has arranged an economic stimulus package valued at 4 trillion yuan ($586 billion) to push the national economy forward.

Fan Gang, head of the research foundation for China's economic restructuring, said financial support to the Chinese economy would slacken next year, while other factors would play a bigger role in economic growth.

For example, investment in the real estate sector would likely grow at an average annual rate of 20 percent to 30 percent.

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The exports sector, previously a major driving force for the Chinese economy, had been hit hard by the world's financial downturn, but would recover and regain double-digit growth next year, Fan said.

In the post-downturn era, Fan said, the world would return to normal economic structure, with more effort from the manufacturing sector. Meanwhile, low-carbon economies would become a new growth area, and emerging markets would play an increasingly important role in the global economy, he said.