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China to maintain stimulus push: Wen
Dalian, China (AFP) Sept 10, 2009 Chinese Premier Wen Jiabao said on Thursday his nation's economic recovery remained fragile and that it was too soon for Beijing to reconsider its current stimulus policy. "The recovery momentum of the Chinese economy is not yet stable, nor is it consolidated or balanced," Wen said in a speech opening the World Economic Forum's annual meeting of "new champions" in the Chinese port city of Dalian. "Downward pressures on foreign demand (for Chinese products) remain enormous, while there are many factors restricting the expansion of domestic demand in the short term," said Wen. "We should not change our policy direction at an inappropriate time," he told the audience of foreign and domestic business executives and government officials. China last year unveiled an unprecedented four-trillion-yuan (580-billion-dollar) stimulus package aimed at boosting domestic demand as exports plunged and economic growth slowed. The world's third-largest economy expanded by 7.9 percent in the second quarter of 2009, up from 6.1 percent in the first quarter, mainly as a result of massive government investment. However, growing concern has emerged over possible asset-price bubbles and higher inflation. But Wen said China would maintain its loose monetary policy aimed at promoting fast economic growth, noting that these policies had helped "curb a downward trend". "We will continue to keep maintaining stable and fast economic growth as our top priority, firmly implement a proactive fiscal policy and moderately loose monetary policy, and fully implement and constantly improve the stimulus package," he said. Wen also called for global coordination on climate change and urged developed nations to slash carbon dioxide emissions. Share This Article With Planet Earth
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Marriott plans 21 new Asian hotels amid global downturnHong Kong (AFP) Sept 9, 2009 Hotel group Marriott International announced Wednesday it was planning 21 new hotels in Asia, despite the impact of the global economic slowdown on travel and demand. The company already has 37 hotels under construction across the region, meaning that it will have built 58 new hotels by 2013, creating an estimated 24,000 jobs. "We are excited by these spectacular, architecturally ... read more |
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