Government foresight, economic growth pattern adjustment saved China from worst of financial crisis:scholars (02/22/2010)

Updated: 2010/2/22 9:57:00

The Chinese government´s insight and the adjustment of the economic pattern were the two major factors helping China ride out the global economic downturn, scholars said here Sunday.

Zhuang Fuling, professor of Renmin University, said the Chinese government made a correct analysis of China´s economic situation and took quick and resolute action.

At the end of 2007, the central government called for vigilance against possible scenarios of various sorts. Moreover, in the Central Economic Work Conference held in December 2008, China drew up guidelines to cope with the global economic downturn through domestic consumption expansion, development pattern transformation, key sectors reforms, and continued effort to open up and improve people´s livelihood.

Ye Duchu, professor of Party School of the Central Committee of the Communist Party of China (CPC), attributed the success to China´s systemic advantages.

"We could employ the country´s fullest strength to reduce or offset the negative implications of the crisis," Ye said.

The National Bureau of Statistics revealed on Jan. 21 that China maintained a GDP growth rate of 8.7 percent in 2009 despite the global recession.

The global financial crisis, by nature a challenge to China´s development mode, prompted the country to quicken its drive to transform its economic pattern in a bid to realize sustainable development for the future, scholars say.

Lu Zhongyuan, deputy director of Development Research Center under the State Council, said China should seize the opportunity to optimize the economic structure and promote the system and technological innovation.

Jin Bei, president of Institute of Economy under Chinese Academy of Social Sciences, considered the crisis a good chance for competitive enterprises to carry out strategic adjustment.


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ISSN 1003-3025 CN11-1714/TS