A survey of members of the National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC), China’s legislation organs, indicates the deep concerns of people from all walks of life in China.
According to the survey conducted by China Business News during the annual sessions of NPC and CPPCC, 58 of the 93 members polled, over 62% of interviewees, think the global economic crisis will not bottom until 2010 or even later. Among the total, almost half expected the bottom to occur in 2010, and about 14% in 2011, 2012 or even later.
PingAn Chairman Ma Mingzhe, among the more pessimistic, thinks the crisis will not hit bottom until 2011. Li Shufu, chairman of Geely, a rumored potential Volvo buyer, believes the world economy will continue to fall until sometime in 2010, and Air China Chairman Kong Dong agrees.
69% of the interviewees predicted the Chinese economy will hit its lowest point this year, but only 38% think the same for the world economy, revealing an optimism that China will see a rebound prior to world as a whole.
Most interviewees, about 71%, including Luo Qingquan, chief of the Hubei Provincial Committee of the Communist Party of China, said that China, against what would seem to be the odds, will be able to reach its goal of 8% GDP growth in 2009.
67% of interviewees think growing unemployment and social stability pressures are China’s largest current risks. In China, about 30 million migrant workers and seemingly whole graduating classes of college students are jobless, a major concern for Chinese leaders.
NPC and CPPCC members are China’s elite. Polled interviewees included central and local government officials and heads of state-owned enterprises in steel, aviation and manufacturing industries.
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