Bao ba! Defend the eight! If there were any lingering doubts about China's fetish for targets, last week's publication of the contributions to economic growth in 2009 should have removed them. As exports plummeted, Beijing compensated by ramping up investment to keep gross domestic product growth at a level appropriate for the 60th anniversary year of the founding of the People's Republic. Ninety two per cent of last year's 8.7 per cent growth came from spending on fixed assets, without which the country had hitherto functioned fine. The 8 per cent growth target, in short, was everything.
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