China sees impact on economic rebound limited

Saturday, March 21, 2009 at 1:13 AM Posted by Beijing News


A recovery in China's economy is not enough to haul the world out of its economic crisis because it is still a developing country, state media cited a leading Chinese economist as saying Saturday.

A pickup in Chinese growth would have a positive but limited effect on the world economy, which needs a rally in major economies to recover, said Fan Gong, a member of the central bank's monetary policy committee, according to the Xinhua news agency.

China is likely to meet its eight-percent economic growth target for this year, Fan said.

The Organisation for Economic Cooperation and Development expects Chinese growth for 2009 to slow to 6-7 percent while the World Bank forecasts a figure of 6.5 percent.

The OECD said Friday that the global economy was likely to shrink in 2009 as expansion in Asian powerhouses China and India would not be enough to offset negative growth in developed countries.

The IMF and the World Bank have already warned of the first global contraction in 60 years.







Curry

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