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China slashes interest rates to boost growth

By Xin Zhiming (China Daily)
Updated: 2008-11-26 16:52

Zhuang Jian, senior economist of the Asian Development Bank in Beijing, said: "If the nation's stimulus policies are implemented well, it should not be a problem for China to maintain an annual growth rate of 8 percent next year."

But many economists have forecast that the growth could be as low as 7 percent for the fourth quarter this year.

The several "tiny cuts" in interest rates earlier yielded limited results because the monetary policy is often not as effective if the economy is in a downturn, Zhang said. The exceptionally big cut this time, therefore, was necessary.

"There are signs that the economic growth could fall sharply in the fourth quarter," said Ma Ming, economist with the Beijing Institute of Technology. "If that happens, the policymakers could cut it again in December to help bail out the economy."

 

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