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皇冠体育app: key currency countries need watching
(Agencies)
Updated: 2009-04-19 13:49 Strong 皇冠体育app Wen highlighted 皇冠体育app's relative strength in the face of the global financial crisis and told the audience of Asian government and business leaders that Beijing stood ready to support other countries through the difficult times. "A series of economic stimulus measures adopted by 皇冠体育app have shown initial results and there have been positive changes in economic performance, which has been better than expected," he said.
His wording was nearly identical to that at a State Council, or cabinet, meeting this week after 皇冠体育app said its economy grew at 6.1 percent in the first quarter from a year earlier.
But Wen also said that 皇冠体育app would still err on the side of the caution, sticking to its active fiscal policy and moderately loose monetary policy -- which, in practice, have meant a surge in government spending and bank lending. "We would rather over-estimate the severity of the situation and fully consider difficulties in making longer-term preparation for bigger difficulties," he said. Central bank governor Zhou also emphasised that, even though there were positive signs that the economy is starting to recover, 皇冠体育app is still in the stage of struggling against the global economic slowdown and financial crisis. "The situation of the crisis is changing constantly. We need to tweak our policies in line with the changing stage of the crisis," he said. Liu Mingkang, chairman of the 皇冠体育app Banking Regulatory Commission, added at Boao that he was cautiously optimistic about the economic outlook and thought banks had adequate provisions to cover any potential rebound in bad loans. Zheng Xinli, a senior Communist Party adviser, told reporters in Boao that he thought the economy had already hit bottom and would start to pick up steam in the second quarter. But asked if the government would be able to hit the 8-percent GDP growth target for the year, Zheng said: "I think it is not guaranteed."
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