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China's think tank forecasts 8.3% GDP growth in 2009

(Xinhua)
Updated: 2009-01-19 16:33

China's GDP growth is expected to drop to 8.3 percent in 2009, the country's major think tank said Monday in a report.

The report, issued by the Chinese Academy of Sciences (CAS), predicted China's economy would slowdown in the first half year due to the unfavorable international economic environment.

Special Coverage: Coping with Financial Crisis Related readings:  UNDP: China GDP to slow to 8.4% in 2009  HSBC: China's economic growth likely back to well over 8%  Deutsche Bank: China to see worst deflation in a decade  China revises 2007 growth from 11.9% to 13%

The report also said that the unprecedented stimulus package of 4 trillion yuan ($586 billion) will poise China for an early recovery in the third quarter.

The government set the goal of 8 percent growth this year at the Central Economic Work Conference held on Dec 8, 2008.

The United Nations Development Program (UNDP) predicted last week that China's GDP growth would slow to 8.4 percent in 2009.

The CAS report also predicted that the primary, secondary and tertiary industries will expand at 5 percent, 9.8 percent and 9.5 percent, respectively.

The Chinese economy will face heavy pressure in terms of exports this year due to the recession, the report said. The growth rate of exports and imports is expected to drop to 6.5 percent and 4.6 percent respectively.

Total trade for 2008 was $2.56 trillion, up 17.8 percent from 2007. The total included $1.43 trillion in exports, up 17.2 percent, and $1.13 trillion in imports, up 18.5 percent, figures from the General Administration of Customs showed.