China targeting 8% growth in 2010

From the BBC:

China has announced it is targeting economic growth of 8% in 2010, despite the continuing effects of the global downturn.

Beijing has targeted 8% growth for the past few years, and has yet to fall short of the target.

Analysts said the country's economy was likely to beat the target, growing by 9% or more.

China, the world's third-largest economy, has been boosted by massive government stimulus measures.

The Chinese government also said industrial production would grow rapidly next year.

'Overshoot' likely

Based on the central government's target for around 8% economic growth, we're aiming for around 11% growth in industrial output," said Minister of Industry and Information Technology Li Yizhong.

Industrial output in November rose to its strongest position since June 2007, rising 19.2% from a year earlier. Another strong month in December would see output rise by 11% this year as well.

Analysts said the target for overall economic growth should be achievable.

"They'll probably overshoot 8% next year," said Alaistair Chan at Moody's Economy.com.

"The economic momentum China has generated means it will be easier to achieve 8% in 2010 than it was this year."

Mr Chan forecast growth of 9.3% next year.

This compares favourably with other major economies, most of which are forecast to experience modest growth next year.

Full Article:
BBC News - China targeting 8% growth in 2010

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