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China's economic recovery 'still not solid': central bank
Beijing (AFP) May 6, 2009 China's central bank warned Wednesday that the nation's economic recovery was still not on solid ground as the global financial crisis continued to hit. "The foundation for China's economic recovery is still not solid, the spread of the international financial crisis has led to external demand continuing to shrink," the People's Bank of China said on its website. "Downward pressure on the economy is still quite big," it added in its first-quarter monetary policy report. The bank also said it would "unswervingly" carry out its moderately loose monetary policy. China has been hit hard by the financial crisis, with its economy growing by just 6.8 percent in the fourth quarter of last year. Economic growth for the whole of 2008 was nine percent, down from 13 percent in 2007. Chinese authorities in November unveiled an unprecedented four-trillion-yuan (580-billion-dollar) stimulus package to combat the crisis, and Premier Wen Jiabao has been quoted as saying this is beginning to show results.
Taiwan's top China negotiator tenders resignation Chiang Pin-kung, who heads the quasi-official Straits Exchange Foundation, said he had tendered his resignation to President Ma Ying-jeou because of his age -- 77 -- and health. "President Ma told me this is a critical moment and asked me to stay on... but I told the president I hope to spend more time with my family," he said. He said he had first asked to resign last year but was asked to stay. Ties between China and Taiwan, which split in 1949 after a civil war, have improved dramatically since Ma of the China-friendly Kuomintang party came to power in Taipei last May. Chiang has helped forge a wave of agreements with his Chinese counterpart Chen Yunlin which have led to regular direct flights and greater cooperation across the Taiwan Strait. The two sides still conduct relations through the semi-official bodies, a legacy of six decades of diplomatic estrangement. Some newspaper and magazine reports have suggested Chiang's family gained more business from warming ties, allegations he has flatly rejected as being politically motivated to force him to quit. Ma's predecessor as president, Chen Shui-bian, frequently irked China with his pro-independence rhetoric. Beijing views Taiwan as part of its territory awaiting reunification, by force if necessary. Share This Article With Planet Earth
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Washington (UPI) May 4, 2009 The official figures say the Chinese economy, bolstered by the announcement last November of a massive $586 billion stimulus package by the Beijing government, grew in the first quarter of this year at an annual rate of 6.1 percent. |
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