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The global financial crisis has had "a rather big impact" on China's economy, the country's Premier Wen Jiabao said in a major World Economic Forum speech.
Speaking in Davos in Switzerland, he said the crisis had placed the world economy in the most difficult situation since the Great Depression.
In China, he said, there was rising unemployment in rural areas and "downward pressure on economic growth".
But he added that China's economy was in good shape "on the whole".
"We are targeting a growth rate of about 8% in 2009. It will be a tall order, but I hold the conviction that through hard work, we can reach the goal." As the demand for China's exports shrinks, he said that as part of relaunching the economy, the country had to focus now on expanding domestic consumer demand.
"Will China's economy continue to grow fast and steady? Some people may have doubts about it, yet I can give you a definite answer," he said. "Yes, it will, we are full of confidence." He said China would "take prompt, forceful and effective measures" to ensure the health of its economy.
Originally posted by InfaRedMan
Well as unfashionable as this may be to say.. I'm kinda glad China is having their economic problems along with Russia and that it's not just the west taking a shot in the arm.
No matter what figures China gives for 2009, you can be sure they cooked the books. My worry is for the workers over there and what lengths the government will go to to exploit them to keep the economy in check.