NDRC: China 2009 GDP up at least 8%

We're well on track for at least 8 percent growth in the economy. That's according to China's top economic planner which also says recovery is increasingly solid and stable.

The National Development and Reform Commission says during the first 10 months this year, retail sales were up 15 percent year on year. Total fixed assets investment in urban regions was up more than a third. The top economic planner says it believes strong domestic demand helped to offset weakness in overseas orders.

Zhang Ping, Minister of National Reform & Development Commission said "China's annual grain production is expected to exceed 500 billion kilograms this year. As the country is still promoting structural restructuring and energy conservation, it's estimated that our energy consumption per GDP could drop sharply this year. And sulfur dioxide emission could be down by more than 2 percent. "

Meanwhile, with China's GDP in the first 9 months up 7.7 percent, Zhang Ping expects the number to hit at least 8 percent for the whole year.

Also during the first 10 months, 9.4 million new jobs in urban areas was created. The number is estimated to surpass 11 million by the end of the year

The NDRC also revealed it has just finished examining government's investment over the past 12 months with related authorities. And results show, that most of the projects kept to the trend of an overall healthy development.

Zhang Ping said "Most of the newly approved central government investments over the past 12 months were not for exploring resources. Nor were they high polluting, high energy consuming or in sectors that have excess capacity. And we found no irregularities in construction projects."

The NDRC says that since the 4th quarter of last year, the central government has arranged 380 billion yuan worth of funds for new government projects. The commission has also approved the issue of 480 billion yuan of corporate bonds to help enterprises facing financial difficulties. To ensure the proper use of government investment, the commission has teamed up with related government departments for check-ups and inspections.

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