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China has conditions to achieve 8-pct growth: official

(Xinhua)
Updated: 2009-03-22 10:44

BEIJING -- China has conditions to achieve the 8 percent economic growth target this year, Zhang Yutai, president of the Development Research Center of the State Council said here Sunday at the China Development Forum 2009.

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Zhang's conclusion was based on the 4-trillion-yuan (585 billion US dollars) economic stimulus package, 500-billion-yuan tax cut and industry support plans. These would help boost the economy, he said.

According to preliminary statistics, the 4-trillion-yuan stimulus package was expected to contribute 1.5 percent to 1.9 percent to the economic growth this year, Zhang said.

China's economic development was facing three major challenges -- the global financial crisis, periodical economic adjustment and extensive economic growth model, he said.