Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
China's economy in good shape despite global financial chaos
Adjust font size:

China's economy was in good shape and capable of maintaining financial stability despite global chaos, Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), said on Saturday.

Liu made the remarks at the ongoing 2008 Summer Davos forum, also known as the Annual Meeting of the New Champions 2008, which kicked off on Saturday in the north China metropolis of Tianjin.

Though feeling gloomy about the outlook of the world economy, most attendees were confident about China's economic prospects.

"China has full confidence and capabilities to ensure sound and fast economic growth for a long period of time," Premier Wen Jiabao said at the opening ceremony.

Klaus Schwab, founder and executive chairman of the World Economic Forum, said China is still a fast growing economy and may lead the world economy in the future.

But for now, as the financial market globalizes, no country could escape the financial crisis, Liu said.

He forecast the annual economic growth would slow to between 9 percent or 9.5 percent, as falling consumer spending in Europe and the United States cut export demands. China's economy expanded 11.9 percent last year.

"This is not a bad thing for China," Liu said, "China needs not only speed, but also quality."

"We had more room to boost growth as consumption and investment demands could make up for the falling exports," Liu said.

Speaking about the U.S. government's 700 billion dollar bailout package, Liu said, it would boost market confidence, but not enough for a cure.

He compared the proposed rescue plan to convenient "fast food", and said "slow and fine-cooked food" was what the world needs.

According to William R. Rhodes, Senior Vice-Chairman of Citigroup, the People's Bank of China, the country's central bank, was working closely with the U.S. Federal Reserve on a series of measures to contain the impact of financial crisis. CBRC was also in close consultation with the Fed.

(Xinhua News Agency September 27, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- Full text of Chinese Premier Wen Jiabao's speech at 2008 Summer Davos in Tianjin
- Wen addresses Summer Davos
- Davos meeting links China closer with outside world
Most Viewed >>
- US House rejects financial rescue bill
- Experts: China little affected by US financial crisis
- Chinese banker predicts weakened US dollar in long term
- Cadbury recalls chocolate products in HK
- China handles more trademark infringement cases
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?