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Economist: 4t yuan package lays foundation for growth

(Xinhua)
Updated: 2009-03-25 22:53

China's announced economic stimulus package, amounting to 4 trillion yuan, will work to achieve the economic growth at 8 percent and lay a good foundation for next year's growth by starting the economy's clean-up process of the inventory this year, China's noted economist Fan Gang said at an international conference in Hong Kong on Wednesday.

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Chinese government has unveiled a 4 trillion yuan stimulus plan to prop up the economic growth in a global economic downturn during which China has already suffered a slowdown of GDP growth from above 11 percent in 2007 to 9 percent last year.

Fan Gang, a member of the central bank's monetary policy committee, expressed confidence that the stimulus plan can help achieve the 8 percent economic growth target China set for 2009.

"China's 4 trillion yuan stimulus is different from America's $800 billion package, because China doesn't have the financial black holes to fill up. All the money will go to the real sector and become kind of demand," Fan said.

As in Fan's eyes, although the market may still feel cold for a certain period of time, 2009 is a year when the economy begins the clean-up process of the inventory and starts to deal with the over-capacity problem.

"This package starts the clean-up process, not wait until the market itself starts to recover and to clean up, and will lay down a good foundation for next year's growth," he said.

Fan believes that in 2010, not only the government investment will play the role, but also the corporate investment can start to grow, both of which will become engines of the economic growth.

Fan also said accelerating investment, along with a 25 percent rise year-on-year in car sales, already indicated the economy is showing signs of recovery.