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Banker: Confidence is all the more important for 皇冠体育app

By Nie Peng (chinadaily.com.cn)
Updated: 2008-11-17 15:37

Jiang Jianqing, board chairman of the Industrial and Commercial Bank of 皇冠体育app, speaks at the Tsinghua Management Global Forum held in Beijing, Nov 14, 2008. [chinadaily.com.cn]

Jiang Jianqing, chairman of the Industrial and Commercial Bank of 皇冠体育app, appealed for close attention on the confidence problem at a forum held in Beijing on Friday.

He said during a keynote speech at the 2008 Tsinghua Management Global Forum that the absence of confidence has led to panic selling on the American stock market, which has spread to the rest of the world including 皇冠体育app.

He said keeping confidence in the economy is especially important for 皇冠体育app. "The fundamentals of 皇冠体育app's economy are still very strong even though the ongoing crisis does have implications for 皇冠体育app's growth," said Jiang.

Jiang said 皇冠体育app still has investment and domestic demand as two effective weapons against economic downturn when its export sector is dealt a heavy blow by weakened overseas demand from the global crisis.

"Therefore, having confidence is all the more important. Things we're seeing happen on the Chinese market have been cause by (lowered) confidence or expectation of the future," he said.