China to relax credit controls to boost economy: officials

POLITICAL ECONOMY

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by Staff Writers
Beijing (AFP) Dec 3, 2008
China will continue to relax credit controls and use all monetary means to stimulate the economy, the government announced on Wednesday in a statement posted on its website.

"We need to apply a flexible and proper monetary policy to combat the crisis and maintain fast and stable growth," said the statement, issued at the end of a meeting chaired by Prime Minister Wen Jiabao.

The government also said it wanted "to accelerate credit growth, using the bank reserve rate, interest rates and exchange rates" to increase state spending.

Beijing has also decided to increase by 100 billion yuan (11.5 billion euros)loans to its three specialist "policy banks" which report directly to the cabinet.

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POLITICAL ECONOMY

China's sovereign wealth fund to avoid western financial firms: report

Hong Kong (AFP) Dec 3, 2008
The head of China's sovereign wealth fund said Wednesday he had lost confidence in western financial institutions during the global economic crisis and would not be investing in them, a report said.

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