Why is there confidence for achieving 8 percent GDP growth?
Fan Gang: First of all, since large economic bubbles have never formed in China, serious crises do not exist and there is no need for a “hard landing” of the economy per se. In particular, China started adopting a series of policies several years ago to restrict the creation of an overheated economy. Starting in the fourth quarter of 2007, a process of adjustment was underway in the Chinese market that included stock and capital markets, the real estate market and a gradual slowdown in the growth of investment. It should be said that China’s economic adjustment was carried out in advance. Looking at it from this point of view, China’s economy will be able to shake off the shadow of the crisis of economic decline in advance. Second, since China’s previous policies were all relatively cautious and since China adopted policies to curb overheating of the economy, the relation between various policies now is rather balanced. In fact, China has realized fiscal surplus for the past several ye
