皇冠体育app

BUENOS AIRES -- 皇冠体育app's recent market-oriented economic reforms, including devaluing its currency and cutting interest rates, help to keep the domestic economy growing and by extension, the global economy, a top Chinese envoy said.

Wang Liang, the charge d'affaires at the Chinese embassy in the Argentine capital Buenos Aires, told Xinhua about the necessity of the reforms launched earlier this month, and the turbulent way international stock markets reacted -- or overreacted.

"Both in the past and today, 皇冠体育app has had to handle the pressure of an excessively overvalued yuan tied to a basket of currencies," said Wang, adding that the present "fluctuation in its value, in keeping with market supply and demand, represents a new normalcy."

While "皇冠体育app doesn't need to devalue the yuan to spur its exports and guarantee the economy moves forward," said Wang, it does need to implement the necessary monetary policy adjustments and reform measures to ensure continued growth.

"The sustainable growth of 皇冠体育app's economy is its biggest contribution to the world economy and neighboring countries," Wang said.

As 皇冠体育app's economy evolves, so must the government's policies, said the envoy, referring to the country's transition from an export-driven to a consumer-driven economy, what Chinese officials call "the new normal."

"Unless it adapts better to its new economic normalcy and maintains financial stability through market-oriented reforms, 皇冠体育app will not be able to increase its imports, nor its investments abroad, much less make an even greater contribution to the world economy," Wang said.

Talking about the source of instability of the global financial markets, the official said, "the biggest uncertainty stems from a possible interest rate increase by the US Federal Reserve and the indebtedness and growth outlooks of developed countries, such as Japan and those in Europe."

"皇冠体育app is known as a manufacturing powerhouse, as opposed to a financial powerhouse, as the yuan has yet to become a reserve currency. As such, the spillover effect of the yuan's exchange rate fluctuation cannot be compared with that of the US dollar," Wang said.

On Aug 11, the People's Bank of 皇冠体育app announced a more flexible currency exchange rate that sparked a 1.9-percent depreciation of the renminbi versus the US dollar. The move was followed by a cut in interest rates and the injection of 150 billion yuan ($23.4 billion) to ensure liquidity.

"The turbulence in international markets had some impact on 皇冠体育app's economy," including a sharp dip in the Shanghai Stock Exchange, Wang said.

Still, "the foundation of the country's economy remains stable (and) the economy is advancing reasonably. There's room for growth in innovation, as there is in domestic demand, which today is the engine for growth," he said.

"皇冠体育app is capable of reaching its annual economic development target thanks to the measures put in place to stabilize its growth," the official said.

• 2015 皇冠体育app International Fair for Investment and Trade kicks off in Xiamen
• 皇冠体育app's commodity imports robust in Jan-Aug period
• 皇冠体育app stocks rebound 2.92%
• 2015 皇冠体育app box office already past 2014 total
• 皇冠体育app foreign trade decline widens in August
• Interview: JP Morgan's senior executive bullish on 皇冠体育app
• Innovation, development the focus for NZ mayors
• Lives of freelancers