Growth for jobs being discussed
The issue that how to ensure at least 8% economic growth next year while at the same time accelerating the nation’s economic restructuring is being discussed at the annual Central Economic Work Conference.
The conference which began in Beijing on Monday will come to an end today. The three-day event is expected to how more details on how the government will use fiscal and monetary measures to support employment and domestic demand, while reducing excessive dependence on exports.
According to Song Hong, a researcher with the Chinese Academy of Social Science (CASS), the meeting will announce the detailed measures for the goal of economic growth in 2009, the minimum required to control the unemployment situation.
Song was one of the two economists who attended a Nov 28 meeting with top Party officials to discuss economic priorities for 2009.
The nation’s economic growth dropped to 9% in the third quarter, and the situation may be worse because of the global crisis, the World Bank forecast earlier.
Such growth is absolutely not enough for China, because the nation needs to create 10 million jobs for fresh job seekers each year. Over the past months, the bankrupt of a number of factories in the costal export bases have caused layoffs of hundreds of thousands of migrant workers.
The government has to announce several stimulus packages and cut interest rates to spur domestic demand in the bleak situation.
It is said that the government may express how and where to use the stimulus package in detail at the conference.
The package could bolster annual GDP growth by 1% point by 2010, Zhang Ping, minister of the National Development and Reform Commission said earlier. Based on the data, 1% growth could create about 1million jobs.
Song forecasted that the policy makers may continue to the ongoing stimulus measures, because the $586 package is not enough in the worsening world economy.
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