日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Recession risk 'worse than expected': NDRC

By Fu Jing (China Daily)
Updated: 2008-12-13 09:00

China is facing "worse-than-expected" risks of an economic downturn, as the global recession looms large, the country's top economic planner said on Friday.

Zhang Ping, minister of the National Development and Reform Commission, said it is "still very hard" to predict when the worsening global financial crisis will hit.

Zhang Ping

This is the first time a senior Chinese official has outlined the domestic and global economic landscape while the financial crisis, sparked by the US sub-prime crisis, is still unfolding.

Related readings:  Official: China's economy to stabilize in Q2 of 2009  Falling food prices drive inflation to 22-month low  ADB lowers forecast for China '09 GDP  Economic conference wraps up with pledges to stimulate economy

"Amid the domestic and global risks and uncertainties, coping with sliding economic growth is top of the government's work agenda," Zhang said.

He made the comments during a speech to senior provincial officials in charge of economic and social development at the opening of a three-day national conference to implement the central government's instructions and guidelines on fighting the financial crisis.

On Wednesday, the government ended a closed-door economic conference by coming up with guidelines to fight the crisis.

As more than 60 percent of China's economy depends on imports and exports, the worsening global economy and contracted overseas demand have already brought "worse-than-anticipated" risks of an economic downturn to China, Zhang said.

"Sliding economic growth is a major challenge for us both this year and next."

China's economic growth slowed to 9.9 percent in the first nine months, after five years of high annual growth of more than 10 percent.

Local vendors pile up carrots while waiting for customers at a vegetable wholesale market in Zheng'an County, Henan province December 11, 2008. [Agencies]

The State Council said earlier that the economy may grow at 9.4 or 9.5 percent this year.

The economic slowdown and fall in profits have spread from coastal regions to central and western China, from export-led companies to other industries and from small and medium-sized enterprises to bigger companies, Zhang said.

"The worsening trend is likely to continue next year," he said.

He urged all parties to be clear-minded about the situation at home and abroad, and be prepared to face the challenges.

Despite some pundits saying the world will shake off the turmoil by the end of next year, Zhang is not so optimistic.

"The worsening turmoil is likely to last for a long time and the global economy will experience a relatively long period of downturn and adjustment," he said.

News Flash

• Ideas supporting China-US partnership important
• Expert: Protectionism under new name short-lived
• Think tank summit concludes with calls for more co-op
• China retains foreign trade advantages: official
• China's steel demand in 2009 may surpass 2008
• Anti-protectionism announcement made at think-tank summit
• Economist: China's imports decline not due to protectionism
• Foxconn industrial output booming
• China mulls economic belt along Yellow River
• Expert calls for harsher punishment on trade protectionism cases

Organizer

Supporters