By staff reporter Zhang Hong

(Caijing Magazine)“Written in stone” is how Chinese leaders are describing their goal for an 8 percent GDP growth rate in 2009, even while other economies tumble like boulders in the global financial landslide.

“In a developing country like China, with a population of 1.3 billion, maintaining a certain economic growth pace is needed to provide urban and rural jobs, raise income levels, and maintain social stability,” Premier Wen Jiabao said while delivering a government report March 5 to the National People’s Congress (NPC) in Beijing.

At the time, few analysts dared to agree with Wen’s prediction of an 8 percent growth rate. Some said it would rise no higher than 5 percent.

Many pessimists wondered how China, whose growth largely depends on overseas export demand, could surge forward while customers in the developed world experience what that the International Monetary Fund said would be GDP shrinkage this year.

Wen offered a philosophical response at a press conference as the NPC closed: “If our heart is warm,” he said, “the economy will be warm.”

Beijing’s answer to skeptics hinges on a troika for economic growth -- consumption, investment and exports.

No one expects much luck on the export front. And it’s hard to imagine significant growth in domestic consumption, at least in the short-term, since household incomes are limited and Chinese consumers like to save.

That leaves investment as the only major arena with the potential for generating the degree of warmth Wen expects – 8 percent growth – despite a global financial freeze.