GDP growth may possibly drop to below 9% in 2012
Facing the global economic slowdown, China's GDP (the gross domestic product) growth next year may slide below 9 percent, the first time since 2002, according to a government chief economist Tuesday.
"The weak global demand is a challenge for Chinese exports," Huang Guobo, chief economist at the State Administration of Foreign Exchange, said at a forum held in Beijing. "Next year, if the situation continues, China's economic growth rate would possibly fall below 9 percent," said Huang.
At the end of last month, also Swiss bank UBS revised downwards China's GDP growth from its earlier projection of 9.3 percent to 9 percent this year. It also downgraded the growth estimate for 2012 to 8.3 percent from the original 9 percent.
According to an economic research report mailed to the Global Times Tuesday by Barclays Capital, during the next five to ten years, China will experience a transition from "economic miracle" to normal development.