Fundamentals of China's economy have not changed despite crisis: Hu

POLITICAL ECONOMY

Wen says China to maintain fast and stable growth
Premier Wen Jiabao expressed confidence Saturday that China would be able to maintain rapid and stable economic growth despite the global financial meltdown. Wen acknowledged that the financial turmoil had affected China, referring to recent data that showed economic growth was slowing, but he highlighted measures the country has taken to weather the storm. "As long as our policies are appropriate, we will be able to maintain a fairly fast and stable economic growth," Wen told reporters at the end of a two-day summit between Asia and Europe in Beijing. "On this we are fully confident." His comments came as Asian and European leaders from more than 40 countries at the summit pledged to reform the current global financial system and vowed united action in tackling the current crisis. China said last Monday that third quarter economic growth slowed to 9.0 percent, the first time since late 2005 that quarterly growth slipped into single digits and the lowest growth figure since the second quarter of 2003. "We have adopted a series of measures including, most importantly, expanding domestic demand, especially consumption," Wen said. He added that ensuring stable and rapid growth in China would be the nation's biggest contribution to the effort to stabilise the global economy.

by Staff Writers
Beijing (AFP) Oct 24, 2008
Chinese President Hu Jintao said Friday the fundamentals of China's economy had not changed, even though it was facing difficulties and challenges due to the global financial crisis.

"The fundamentals of the Chinese economy have not changed. However, the global financial crisis has noticeably increased the uncertainties and factors for instability in China's economic development," Hu said.

"We are now confronted with many difficulties and challenges in our economic endeavours," he said at the start of a gathering of Asian and European leaders in Beijing.

Hu made the remarks amid signs the world's fourth largest economy is starting to feel deep impacts from the global crisis.

China reported this week its economic growth had fallen to 9.0 percent in the third quarter, the lowest level in more than five years, due mainly to a slowdown in exports.

In southern China, factories that have relied on exporting to the United States and other rich nations have begun closing down, laying off thousands of workers.

In response to the financial crisis, Hu said, China "must first and foremost run (its) own affairs well."

"In light of the changing domestic and international financial situation, we will make our macroeconomic regulatory measures more proactive, focused and effective and make timely adjustments to our policies," Hu said.

"We will vigorously expand domestic demand, especially consumer demand, maintain economic financial stability and the stability of capital markets, and continue to promote sound and fast economic and social development."

China has taken the first steps towards boosting domestic demand by introducing new incentives for the real estate market, following a lengthy period of trying to rein in the property sector.

Growth creation has emerged as the top policy priority in Beijing in recent months, a departure from early this year when inflation control dominated the agenda.

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POLITICAL ECONOMY

Greenspan says 'credit tsunami' to wipe out spending, jobs

Washington (AFP) Oct 23, 2008
Former Federal Reserve chairman Alan Greenspan said Thursday the United States is swept by a "once-in-a-century credit tsunami" that will hit consumer spending and jobs.

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