UNCTAD projects China's economic growth at 7.8%

The Chinese economy is expected to grow 7.8 percent this year while the global economy is likely to drop more than 2.5 percent, the United Nations Conference on Trade and Development (UNCTAD) said in a report released recently.
In the Trade and Development Report 2009, the UN agency said expanding domestic demand policies had helped China resist recessionary pressures.

In the first half, the Chinese economy registered a growth of 7.1 percent, of which more than 80 percent was fueled by government investment.

The report was unveiled during the 5th China Jilin Northeast Asia Investment and Trade Expo that ran from September 1 to 6, but its content was not be published until September 8.
The Chinese government announced its 4-trillion-yuan (US$585-billion) stimulus package in November last year to boost domestic demand and economic growth amid the global downturn. The money will be mainly spent on new highways, railways, housing, schools, hospitals and environmental protection projects.
According to the UNCTAD report, the global economy will decrease by more than 2.5 percent this year. It said GDP in the developed nations will contract by 4 percent and output in the transition economies is expected to fall by more than 6 percent. In developing countries, growth is expected to decelerate from 5.4 percent in 2008 to 1.3 percent in 2009.

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