December 2, 2008
China’s economy to grow 9 percent in 2009
A Chinese think tank said Tuesday the Chinese economy would grow 9 percent or more in 2009 after 9.8 percent growth for 2008.
The China Academy of Social Sciences has quelled some fears of a major economic slowdown in China, but the annual Blue Paper report said employers would start cutting jobs next year, the China Daily reported.
The government announced a $600 billion stimulus plan last month, which could prop up consumption of industrial commodities, like metals, including steel.
Industrial production is projected to rise 7 percent in November, compared with November 2007, the Daily said.