10 July 2008
Credit Crunch is not Stopping China’s Growth.
In Monday’s interview with BBC Look East, Ting Zhang plays down the impact of the global credit crunch on the Chinese’s economy. Although China is facing persistent inflation, a plunging stock market amid slowing down in export, the nation’s economy is still growing at over 9.4% since beginning of this year, says Ting.
With the Beijing Olympics only three weeks away, China is attracting more attention than ever. Some China experts warn that China may suffer a post-Olympics recession, as observed from many past hosting countries.
However, Ting Zhang’s views are different: “Beijing Olympics has only generated 0.2% of the country’s GDP last year. The country has a large enough domestic market to weather the weak demand in the US markets caused by the credit crunch”.
There are also two major events after the Olympics, one is the 2010 Shanghai Expo, and the other is Asian Games 2010 in Guangzhou. Both have created significant increase in investment into local infrastructure and jobs in services industries. “China’s economy will sustain the growth in 2009, ” concludes Ting.