China's economic slowdown may last three years and hit the bottom in 2010, warned an economist with the National Development and Reform Commission, the country's top economic planning agency.
Wang Xiaoguang, a senior researcher at the Institute of Economics under the NDRC, said in an online interview on Monday that China may post 10-percent economic growth this year, easing from last year's 11.9 percent.
The growth would continue to ease in 2009 and expand the slowest in 2010 when China's gross domestic product might moderate to 8 percent, he predicted.
"The turbulent global financial markets and an obvious slowdown in the world economy add to the uncertainties of China's growth. Also, China relies too much on the expansion of the real estate industry and the export sector, which are facing serious challenges at the moment," said Wang.
He suggested that China's policy makers should accelerate the reform in economic structure and strengthen efforts to boost domestic demand. He also said China's property sector would face three to five years of correction after rising for 10 years.
China's GDP growth eased to 9 percent in the third quarter, against 10.1 percent in the second quarter and 10.6 percent in the first quarter. The GDP growth touched 9.9 percent in the first nine months, the lowest in five years.
(Shanghai Daily October 29, 2008)
