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September 3, 2009

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Zoellick agrees on policies to expand

CHINA is pleased with the recovery of its economy but believes it needs to maintain stimulative monetary and fiscal policies, World Bank President Robert Zoellick said yesterday.
Zoellick, who met Premier Wen Jiabao and other officials during a visit to China, said he agreed that China should maintain relatively expansionary policy settings for now rather than thinking of an exit strategy.
"I agree with what I heard in China: that we need to maintain close attention to giving the recovery a boost," Zoellick told a news conference.
He welcomed efforts that China has made to boost domestic demand and said China could afford to prioritize stimulus policies because inflation is not now a threat.
The World Bank in June raised its forecast for 2009 Chinese growth to 7.2 percent from 6.5 percent and to 7.7 percent for next year. Both figures are about a percentage point below market consensus.
Zoellick struck a more bullish note of about 8 percent growth this year.


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