China 'first to recover' predicts expert

By Maggie Zhang | February 11, 2009, Wednesday |

Print Edition

CHINA'S economy may be "the first to recover" from a global recession, said the People's Bank of China's Vice Governor, Su Ning. He made the comments at a recent meeting in Shanghai of the city's financial industry.

Su said that economic indicators at the end of 2008 showed "positive changes" and accelerated lending growth will help boost the economy. The central bank will moderately increase money supply and loans to boost economic growth while keeping prices stable, Su said.

Su made the comments before the release of more gloomy January figures such as waning consumer confidence and falling auto sales, which were posted yesterday.

China's economic expansion cooled to 6.8 percent in the fourth quarter, the slowest pace in seven years. Growth for the whole year was 9 percent.

Meanwhile, Shanghai is weighing up guidelines to support guarantees on loans to small and medium-sized businesses to boost credit support for SMEs, the Shanghai Financial Services Office said yesterday.

The office yesterday quoted a meeting presented by officials from the Shanghai headquarters of the People's Bank of China, the Shanghai Bureau of the China Banking Regulatory Commission and other government bodies, who said that they are confident in the financial industry's support to help the city ride out the economic slowdown.

Shanghai's moves to stimulate the local economy are in line with the central bank's.

Economy

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China 'first to recover' predicts expert

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