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November 13, 2009

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Home » Business » Economy

Wen: Macro policy stays steady

CHINA will continue its present macroeconomic policies to consolidate its recovery and will seek alliances to fight global trade protectionism, Premier Wen Jiabao said yesterday.

"China's economic recovery continues to be solidified, which proves our policies are timely, proper and efficient," Wen told an international forum in Beijing focusing on urban issues and the 2010 World Expo in Shanghai.

"We need to further enhance macroeconomic control and continue to carry out an active fiscal policy and a relatively loose monetary policy."

Wen said the government will make policies more flexible and pay more attention to the quality of economic development.

"To make the recovery sustainable, we will increase stress on reforms to our economic structure and better manage expectations of inflation," Wen said.

His remarks followed fresh evidence of China's improving economy.

Manufacturing production, infrastructure investment and retail sales all posted stronger growth in October, thanks to the country's massive stimulus spending and abundant credit. Exports, the sector hardest hit by the global financial crisis, declined at the slowest pace this year.

The good news feeds hopes that China's gross domestic product may return to a double-digit growth in the last quarter of this year. China's economy expanded 8.9 percent on an annual basis in the third quarter, accelerating from increases of 7.9 percent in the second quarter and 6.1 percent in the first three months.

China's strong economic performance, however, has prompted market concerns that policy makers may pull back from their stimulus course.

"China, as the biggest developing country, has been active and responsible in tackling the crisis,? Wen said. "We will continue to play a constructive role and will stick to our policies."

Pointing to the global backdrop, he said countries must fight growing trade protectionism.

He reiterated that China is pursuing development that is peaceful, open and cooperative, and said "China is willing to combat protectionism in cooperation with other countries."

In the first nine months of this year, 19 economies launched 88 investigations into Chinese products involving US$10.2 billion in exports.


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