Liu Mingkang, chairman of the China Banking Regulatory Commission, stated that it would be "exceptionally arduous" for China to reach its growth target of 8% for 2009, Bloomberg reported. In a separate news conference, People’s Bank of China Governor Zhou Xiaochuan also said there were risks to achieving the target. Premier Wen Jiabao said that the government would pledge additional money toward the US$585 billion stimulus package before China’s legislature meets in March to ensure the target can be met. A growth rate of 8% has been widely taken to be the minimum level China needs to ensure job creation is adequate for the growth of its labor force.
For more about China’s prospects for growth in 2009, read this story from the January issue of CER.