'(China's growth in 2009) is expected to have a two to three percentage points' correction compared with the double-digit growth seen in the past', the Beijing News quoted Justin Lin Yifu as saying.

China's economy grew by 11.9 per cent last year.

Official figures showed that growth slowed to 9.0 per cent in the third quarter of 2008, the lowest level in more than five years, due mainly to a slowdown in exports.

Mr Lin said developing nations would inevitably suffer from the global crisis, which has so far hit the United States and other developed nations the hardest.

'Impacted by the economic recession in the developed countries, developing countries will see exports shrink sharply and face a shortage of investment funds,' he said, according to the report.

Mr Lin said one remedy for coping with the global financial crisis for China was to boost domestic consumption by increasing spending in infrastructure and social welfare, especially in rural areas. -- AFP