Sunday, March 22, 2009

China sees stimulus package bringing growth

China's huge stimulus package is expected to contribute at least 1.5 percent to the nation's economic growth this year, a top official said Sunday, as the Asian giant continues to fight the crisis.
The stimulus package was unveiled in November in a bid to fight the impact of the global financial crisis.

China has set an economic growth target of about 8.0 percent this year, a level that the government says it needs in order to keep unemployment at a manageable level.

However, just over a week ago, Premier Wen Jiabao admitted this target would be difficult to achieve.

On Wednesday, the World Bank slashed China's economic growth forecast to 6.5 percent in 2009.

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