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Zhou sees positive changes in economy
Source: Xinhua |
April 27, 2009, Monday
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Print Edition
Print Edition
POSITIVE changes have taken place in the Chinese economy, whose overall performance is better than expected, Zhou Xiaochuan, governor of the People's Bank of China, said on Saturday.
"Facing the impact of the financial crisis, the Chinese government has promptly introduced a policy package to expand domestic demand and maintain financial stability, striving to respond to the impact of the financial crisis," said Zhou at the International Monetary and Financial Committee meeting held in Washington.
"Positive changes have appeared in the operation of the national economy, and the overall performance is better than expected," Zhou said.
The slowdown in China's gross domestic product growth has been contained, with GDP growth in the first quarter of this year reaching 6.1 percent, while the growth rate in industrial production has also rebounded, with industrial added value growing 5.1 percent over the same period last year, said Zhou, adding that "there are signs of gradual stabilization."
Meanwhile, Zhou warned the Chinese economy is still facing challenges. "It should be recognized that the rebound in China's economy remains to be consolidated," he cautioned.
"The internal and external environments are still challenging, external demand continues to shrink, the decline in export volume is relatively large, some industries have excess capacity, government revenue is falling, and employment pressures continue," he noted.
The Chinese government will continue to implement an aggressive fiscal policy and a moderately accommodative monetary policy, and carry out the package plan in response to the crisis, said Zhou.
He stressed that the long-term economic development trend in China has not changed.
"As macro-economic policies gradually take effect, China's economy has the conditions to maintain a relatively rapid development," he said.
Zhou also called for global cooperation to cope with the current financial crisis.
"Facing the impact of the financial crisis, the Chinese government has promptly introduced a policy package to expand domestic demand and maintain financial stability, striving to respond to the impact of the financial crisis," said Zhou at the International Monetary and Financial Committee meeting held in Washington.
"Positive changes have appeared in the operation of the national economy, and the overall performance is better than expected," Zhou said.
The slowdown in China's gross domestic product growth has been contained, with GDP growth in the first quarter of this year reaching 6.1 percent, while the growth rate in industrial production has also rebounded, with industrial added value growing 5.1 percent over the same period last year, said Zhou, adding that "there are signs of gradual stabilization."
Meanwhile, Zhou warned the Chinese economy is still facing challenges. "It should be recognized that the rebound in China's economy remains to be consolidated," he cautioned.
"The internal and external environments are still challenging, external demand continues to shrink, the decline in export volume is relatively large, some industries have excess capacity, government revenue is falling, and employment pressures continue," he noted.
The Chinese government will continue to implement an aggressive fiscal policy and a moderately accommodative monetary policy, and carry out the package plan in response to the crisis, said Zhou.
He stressed that the long-term economic development trend in China has not changed.
"As macro-economic policies gradually take effect, China's economy has the conditions to maintain a relatively rapid development," he said.
Zhou also called for global cooperation to cope with the current financial crisis.
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