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Mr Wen Jiabao, the Premier of the State Council, set 14 objectives for China economy in 2009. China GDP to grow by 8%

China Premier of State Council, Mr Wen Jia Bao set 14 core objectives for 2009 China economy to achieve:

China GDP growth at 8%
New jobs creation in urban areas of more than 9 million
Unemployment rate in urban areas to content within 4.6%
Consumer price index increase around 4%
National fiscal deficit within RMB950 billion including allowing provincial government to issue bonds of RMB200 billion
New bank loan / credits financing of more than RMB5000 billion
Tax concessions to corporate and individual income of RMB500 billion
Government spending amounted to RMB908 billion China government to spend RMB42 billion on stimulating employments
All China government levels to invest RMB850 billion to enhance China medical services reform of which Central government to invest RMB332 billion
Sub-urban areas infrastructure building of RMB761 billion supporting consumer electronic, farming machinery, cars and motor cycle ownerships in villages
Technology spending of RMB146 billion, a 25.6% increase from last year
Social security fund investment amounted to RMB293 billion
Sichun earth quake redevelopment funding of RMB130 billion

In 2009, China government will still concentrate on combating the worldwide financing crisis to enhance China economy to steadily grow at a slightly fast pace.

In summary, the 2009 China economy objectives will focus on execution and delivery of her RMB4 trillion economy stimulus package. This includes increase in fiscal spending in proposing a RMB950 fiscal deficit in 2009; structural tax reduction in corporation tax and individual income tax; and more importantly, stimulate China domestic consumption.

China grew at 9% in 2008 to reach RMB30 trillion but GDP per capita is still low as a developing country

China's economy expanded 9 percent year-on-year and gross domestic product (GDP) reached RMB30 trillion (US$4.4 trillion @6.82) in 2008. This 2008 was the first time China's GDP growth fell into the single-digit range since 2003 affected by the global financial crisis.

The growth rate for the fourth quarter dropped to 6.8 percent from 9 percent in the third quarter, 10.1 percent in the second quarter and 10.6 percent for the first quarter.

Based on the China population of 1.3 billion, the average China GDP per capita of RMB23,100 (US$3,400) was still low but had ample room for improvement compared to developed countries.

China economy is as large as Japan in 4 years... we predict

Japan, the second largest economy had an estimated 2008 nominal GDP of Yen531 trillion. Depending on the exchange rate you use, the Japan economy is as large as US$5.9 trillion (@90 based on 2008 year end rate) to US$4.5 trillion (@117 based on 2007 year end rate). The latter size approximates the China economy in 2008. According to the forecast of Bank of Japan, Japan may have a 1.8% contraction on her GDP. If China, in the worse case scenario, grows at 6% per annum (that is a 7.8% difference), is as large as Japan in 4 years (or sooner depending on the exchange rate).

China economy is only one-third of US...no comparison within next 10 years

US economy however has a size of US$11.7 trillion and China is no comparison. When this gigantic economy is losing steam, it is simple and naive that people expect China fuel the global growth engine. There is no way that you use the battery of a 1300cc Toyota to jump start a 3500cc Mercedes Benz...

Know more about China GDP 2007 by provinces and municipalities

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