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Monday, 13 October 2008

China cenbank: growth to slow as crisis hits exports

WASHINGTON, Oct 12 - China's economy will slow down next year as exports are hit by a global downturn that will follow the financial crisis, a central bank official said on Sunday.

Central bank deputy governor Gang Yi forecast China's GDP growth would slow down to 9 percent in 2009 from an expected 10 percent this year, "due to the external and internal situation."

He said the economy will be basically supported by domestic consumption and foreign investment, while the contribution of exports will likely be zero or negative.

"This financial crisis is really having an impact everywhere in the world and of course it will have an impact on China," Yi told an investor conference in Washington, on the sidelines of the International Monetary Fund/World Bank meetings.

He stressed, however, that the Chinese banking system remained sound.

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