China faces worst year

Chinese Premier, Wen Jiabao, said the coming year will be the most difficult China has faced in modern times, due to the global economic crisis.



Mr. Wen told Parliament that there would be a US$500B investment programme to stimulate the Chinese economy.



He also declared an annual growth target of 8 percent and goals to boost consumption and raise consumer demand.



His address opened the annual session of the National Peoples\' Congress.



BBC reports said it is unclear if the investment and spending programme referred to by Mr. Wen will provide new funding, above the $586B promised in November.



The premier said he hopes to create 9, 000,000 new jobs in the cities and increase local government spending budgets by almost 25 percent.