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China's impact on world economic recovery positive but limited

(Xinhua)
Updated: 2009-03-21 14:22

China's economic recovery has positive but limited effect on world economic development, economist Fan Gang said at the China Development Forum 2009.

Related readings:  Govt role crucial for economy, says expert  IMF: World economy to shrink in 2009, first time in 60 years  Global economic recession to last for another two years: Fan Gang

China is a developing country and its economic recovery would have limited effect on world economy, which would pull out of downturn only after the recovery of major economies, said Fan, secretary general of China Reform Foundation.

Fan said the country was likely to hit the 8-percent economic growth target this year.

Murilo Portugal, Deputy Managing Director of the International Monetary Fund, expected the global downturn to worsen in 2009. He forecast the world economy to decline by 0.5 percent to 1.5 percent in 2009.

According to the previous forecast made by the World Bank, the world economy would fall 1.5 percent in 2009 from a year earlier.

A recovery might happen in 2010 if there were improvements in world economic data this summer, he said.

The China Development Forum 2009 runs in Beijing from Saturday to Monday, with the theme of China's Development and Reform in the Global Financial Crisis.