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CHINA / FORECAST
STORY: CHINA / ECONOMIC FORECAST
TRT: 2.00
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 17 JUNE 2009, WASHINGTON DC / FILE
FILE - CHINA 2009
1. Med shot, Chinese flag
2. Wide shot, skyline
3. Wide shot, street scene
4. Med shot, candy vendor
5. Tilt up, oranges
6. Various shots, cranes
FILE - CHINA 2008
7. Wide shot, city at night
17 JUNE 2009, BEIJING, CHINA
8. SOUNDBITE (English) Ardo Hansson, World Bank Lead Economist for China:
“Well, it’s too early to say that its strong and sustainable, but we do see the signs of recovery and really, since the crisis broke out last year that China has been pulled into two very different directions—one is what’s going on in the rest of the world and that has been always problematic and turned out that things in the fourth quarter of last year and first quarter of this year were worse than we’d expected and that factor alone worked to make things a little harder for China.”
FILE – CHINA 2008
9.Various shots, aerial of city
10.Wide shot, construction
11.Close up, construction
12.Wide shot, aerial of city
13.Med shot, people on street
14.Med shot, vendor
15.Wide shot, street
16.Wide shot, barges
17.City at night, wide
17 JUNE 2009, BEIJING, CHINA
18. SOUNDBITE (English) Ardo Hansson, World Bank Lead Economist for China:
“We see a lot signs now of some recovery. So, we are still—I think it is too early to say, to declare, that now the bottom has been reached and that we’re on a sustained path, but for that reason, we have slightly improved and upgraded our forecast of China’s prospects. We need to wait a few more months before we can declare that the bottom has been reached.”
FILE – CHINA 2008
19. Wide shot, store at night
20. Wide shot, river
21. Various shots, people in street
22. Various shots, city at night
World Bank economists say China has been hit hard by the global economic downtown, mostly because of a slowing of exports.
A drop in demand for China’s goods around the world dries up the money flowing back into the country. That means improvements in China’s domestic economy are undercut by the weak global economy.
SOUNDBITE (English) Ardo Hansson, World Bank Lead Economist for China:
“Well, it’s too early to say that its strong and sustainable, but we do see the signs of recovery and really, since the crisis broke out last year that China has been pulled into two very different directions—one is what’s going on in the rest of the world and that has been always problematic and turned out that things in the fourth quarter of last year and first quarter of this year were worse than we’d expected and that factor alone worked to make things a little harder for China.”
But inside China’s borders, massive amounts of government spending have goosed growth, banks are lending money, and, for example, real estate is beginning to boom again.
Market-based investments are not as strong, however, and the World Bank warns that China’s economy won’t return to double-digit growth until the world’s economy bounces back.
SOUNDBITE (English) Ardo Hansson, World Bank Lead Economist for China:
“We see a lot signs now of some recovery. So, we are still—I think it is too early to say, to declare, that now the bottom has been reached and that we’re on a sustained path, but for that reason, we have slightly improved and upgraded our forecast of China’s prospects. We need to wait a few more months before we can declare that the bottom has been reached.”
Given the drop in global demand for Chinese products, economists say that the country needs to promote domestic growth—particularly consumption—in order to protect itself better in the future.
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