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PrintYao Jingyuan, general economic analyst of statistics bureau stated that China’s economy would go up as a whole in the long run.
Industrialization and urbanization are two main backups to China’s economy growth. Industrialization refers to steel and auto industries, which develop rapidly; urbanization refers to 44.9% urbanization ration in China, and the figure is still booming to large, which means there is huge potential in urbanization process.
Average growth of GDP is 9.8% during 1988-2008. Average GDP growth was up to 9.9% in Q1-3 of 2008 period. However, growth reduced quarter by quarter: 10.6% in Q1, 10.1% in Q2, 9% in Q3, and 8% predicted in Q4; financial revenue also declined: 35.1% in Q1, 31.4% in Q2, and 10.5% in Q3.
Yao suggested government departments and state-owned or private enterprises should recognize risky clearly and build up confidence to get through temporary difficulties. (Amanda)
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