A leading Chinese economist is predicting that China’s economy might bottom out at the end of the first quarter of the year... but added that more time is needed to fully re-employ laid-off workers. Li Yining gave the assessment during a press conference held by the National Committee of the Chinese People's Political Consultative Conference, the CPPCC, on Friday. Han Bin has the details.
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Li Yining, economist of CPPCC member
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This is one of the leading economists in China. CPPCC member Li Yining says the 8 percent growth target is entirely within reach if domestic investment and consumption can be spurred.
Li Yining, economist of CPPCC member, said, "To expand domestic spending, the government has to increase employment, especially among university graduates and migrant workers. It also has to increase the income of the low-wage earners and establish a social security system."
Since last October, the government has announced several stimulus packages to bolster domestic demand and increase investment. China's per capita GDP in 2008 exceeded 3000 US dollars for the first time.
Li Yining says China's economy is not in recession. He predicts the economy is very likely to recover before other major economies.
Li also said, "Employment will rise after economic development rises. So, the time when China solves the employment problems will be the starting time its economy begins to revive.
(Q: When will the economy bottom out?)
"I think the economy will bottom out at the end of the first quarter of the year, as the huge investment is there, but the job situation will take time."
(CCTV March 9, 2009)
