AEC10203/FEC10203ASSIGNMENT 2INDIVIDUAL ASSIGNMENTDate of Submission:6thAPRIL 2020 (FRIDAY)during class.-The assignment should be typed using theTimes New Roman Font 12,Justify and1.5 Spacing.Case study: China targeting 8% growth in 2010At the beginning of 2010 the Chinese government announced that it was targeting 8%growth for the economy again, despite the global recession. The target had been 8% fora number of years and the government had always met it. About 9% growth is expectedin 2010 thanks to huge government fiscal and monetary stimulus measures. TheChinese economy is the third largest in the world. Forecasts for economic growth madeby the International Monetary Fund for 2010 included China 9.2%, UK 0.9%, Japan1.7%, US 1.5% and India 6.4%. However government officials in China recognized thatgrowth was not guaranteed. China relies heavily on exports and so is vulnerable toeconomic change elsewhere in the world.Questions1.Why is economic growth often important to governments?