{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='World Bank cuts China\u0026#39;s 2009 growth forecast' data-url='/boclips/videos/5c54bb23d8eafeecae122cc4' data-video-url='/boclips/videos/5c54bb23d8eafeecae122cc4' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWorld Bank cuts China\u0026#39;s 2009 growth forecast\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFILE: Tianjin - March 4, 20091. Pan of port 2. Various of crane loading containers3. Wide of containers on shipBeijing - March 18, 20094. Wide of news conference5. SOUNDBITE: (English) Louis Kuijs, senior China economist for the World...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFILE: Tianjin - March 4, 2009\u003cbr/\u003e1. Pan of port \u003cbr/\u003e2. Various of crane loading containers\u003cbr/\u003e3. Wide of containers on ship\u003cbr/\u003eBeijing - March 18, 2009\u003cbr/\u003e4. Wide of news conference\u003cbr/\u003e5. SOUNDBITE: (English) Louis Kuijs, senior China economist for the World Bank, and main author of Quarterly Update report on China:\u003cbr/\u003e\"We think it's always unavoidable in China for growth to be significantly weaker than it has been in recent years and for growth also to be lower than the potential rate of growth. That means that we expect to see increasing spare capacity showing up in different parts of China's economy, and we think this will be one theme for the coming year or two or so while this increasing spare capacity will show up in different ways.\"\u003cbr/\u003eFILE: Beijing - March 5, 2009\u003cbr/\u003e6. Various of National People's Congress (NPC)\u003cbr/\u003e7. SOUNDBITE: (Mandarin), Wen Jiabao, Chinese Premier:\u003cbr/\u003e\"We have set some major targets for this year's national economic and social development: GDP will grow by about 8 percent and the economic structure will further improve. \"\u003cbr/\u003eFILE: Tianjin - March 4, 2009\u003cbr/\u003e8. Various of factory with workers in production line\u003cbr/\u003eBeijing - March 18, 2009\u003cbr/\u003e9. SOUNDBITE: (English) Louis Kuijs, senior China economist for the World Bank, and main author of Quarterly Update report on China:\u003cbr/\u003e\"We don't foresee any significant rebound of China's economic growth until the world economy starts to recover. What exact shape or exact quarterly pattern that implies, we don't have an extremely strong view about it. We do think that in terms of year-on-year growth, the economy will probably be at its weakest in the early part of this year.\"\u003cbr/\u003eFILE: Beijing - March 3, 2009\u003cbr/\u003e10. Various of people shopping in supermarket \u003cbr/\u003eThe World Bank cut its forecast of China's 2009 growth from 7.5 percent to 6.5 percent on Wednesday due to plunging exports but expressed confidence in Beijing's ability to keep the world's third-largest economy expanding amid global turmoil.\u003cbr/\u003eThe drop in trade will hurt investment and job creation, the bank said in a quarterly report. \u003cbr/\u003eBut it said China still should grow faster than other major countries due to its huge stimulus package and strong banks, which were unhurt by the global crisis.\u003cbr/\u003e\"We do think that in terms of year-on-year growth, the economy will probably be at its weakest in the early part of this year,\" Louis Kuijs, the bank's senior China economist and the report's main author, said at a news conference in Beijing.\u003cbr/\u003eKuijs said that would hurt private sector investment and job growth and could push down prices, which can force companies to cut wages and investment.\u003cbr/\u003ePremier Wen Jiabao said last week China should meet its official 8 percent growth target despite a 25.7 percent drop in exports in February.\u003cbr/\u003eForecasts by private sector economists range from 8 percent to as low as 5 percent, the strongest of any major country but a sharp drop from 2007's stunning 13 percent expansion.\u003cbr/\u003eWen said Beijing was ready to expand its 586 (b) billion US dollar stimulus if the downturn's impact downturn worsens, though he gave no details.\u003cbr/\u003eBeijing still has \"plenty of space to implement forceful stimulus measures,\" with more spending and interest rate cuts, the World Bank report said.\u003cbr/\u003eThe stimulus is intended to reduce reliance on trade by pumping up domestic consumption through spending on building highways and other public\u003cbr/\u003eworks. \u003cbr/\u003eBut retail sales growth is weakening, suggesting Beijing has yet to spur a rebound in private sector spending. \u003cbr/\u003eKuijs said government outlays alone cannot fill the gap left by falling exports.\u003cbr/\u003eWednesday was the second time in four months the Washington-based World Bank has cut its China growth forecast for 2009, following a reduction in November from 9.2 percent to 7.5 percent. \u003cbr/\u003eGrowth at 6.5 percent would be the weakest since 1990's 3.8 percent and below the 7.6 percent reported in 1999.\u003cbr/\u003e\"We don't foresee any significant recovery in China's growth until the world economy recovers,\" Kuijs said. \u003cbr/\u003eThe global economy is expected to shrink by 1.5 percent this year, with no recovery until late in the year or in 2010, the bank's country director for China, David Dollar, predicts.\u003cbr/\u003eCommunist leaders worry that job losses could fuel unrest and are promising to spend to create employment. \u003cbr/\u003eThey are promising more spending on health, education and other social programs to reduce the financial burden on Chinese families and encourage them to divert money to spending on consumer goods.\u003cbr/\u003eKuijs said that if Beijing decides it needs another stimulus, it might be more effective if it focuses on social programmes, job creation and household consumption, instead of more construction. \u003cbr/\u003eHe said that also might save Beijing money.\u003cbr/\u003eConsumer prices fell in February, raising the risk of deflation, but Kuijs said that was not a serious threat yet and Chinese policymakers have tools to fight it.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv 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