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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Global crisis makes 2008 China's worst year in recent times: Wen AFP - 2 hours 2 minutes ago BEIJING (AFP) - - The global financial crisis has made 2008 the worst year for China in recent memory, with growth and inflation posing serious challenges, Prime Minister Wen Jiabao said in a signed article. "We must be aware that this year is the worst in recent times for our economic development," Wen said in the article, which was carried by Qiushi, a journal published by the Communist Party. "The global financial turmoil and the economic downturn are getting worse. Inflationary pressure remains large as world oil prices are still at a high level despite some corrections." "All these negative factors have affected and will continue to affect China," he warned. China's growth slowed to nine percent in the third quarter of this year, the lowest quarterly figure since the second quarter of 2003, partly due to a slowdown in exports. China's trade surplus for the first nine months of the year reached 180.9 billion dollars, down 2.6 percent year-on-year, according to customs data. Wen said maintaining quick growth should "take an even more prominent position" among the government's priorities. Meanwhile, he called for a continued focus on inflation, which has emerged as a top policy concern over the past year. "We should fully grasp the harm that inflation can cause to economic growth, people's livelihood and social stability," he said. The consumer price index rose 4.6 percent in September from a year earlier, compared with a 12-year high of 8.7 percent in February. "We should... increase the focus, flexibility and effectiveness of the macro control policies, so as to maintain a balance between achieving stable and relatively fast economic growth and curbing inflation," Wen said. China has cut interest rates three times since September, and some analysts are expecting a fourth rate cut before the end of the year. Authorities have also decided to invest heavily in infrastructure, including 300 billion dollars in the nation's rail system, as a stimulus measure. In his article, Wen also urged a boost to domestic consumption to reduce the country's dependence on exports and therefore its exposure to external risks. "We have to work hard to alleviate and avoid excessive dependence on foreign demand, because it squeezes the real demand inside the country and increases the risk of external impacts," he said. "Given the current world economic downturn and the serious export situation, encouraging domestic demand, especially consumption, is particularly important for expanding economic growth potential... and preventing a slowdown." He added the government would seek to reform the country's income distribution to "ease and remove the worries that had prevented residents from consuming more." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australian house prices slow; retail, job ads fallAP - 37 minutes ago China's central bank relaxes loan restrictionsAFP - 1 hour 12 minutes ago S.Korea won ends up 2.3 pct on package, rate hopeReuters - 1 hour 39 minutes ago Asian shares up, SKorea unveils stimulus packageAFP - 1 hour 46 minutes ago Related Articles: Business India markets cheer rate cut, growth worries remainReuters - 45 minutes ago TOPWRAP 2-More rate cuts ahead; S.Korea plans $11 bln stimulusReuters - 46 minutes ago Pakistani c.bank sells 34.5 bln rupees of T-billsReuters - 53 minutes ago Zurich enters Islamic insurance JV in Abu DhabiReuters - 57 minutes ago DEALTALK-Aussie REITs chase funds; investors want discountsReuters - 59 minutes ago Enlarge Photo Global crisis makes 2008 China's worst year in recent times: Wen Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hamilton pips Massa to Formula One title in tense Brazil finale Obama and McCain duel in final hours of White House race Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers Australian F1 race posts record financial loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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