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China economy in good shape despite global financial chaos

(Xinhua)
Updated: 2008-09-28 09:10

China's economy was in good shape and capable of maintaining financial stability despite global chaos, Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), said on Saturday.

Liu made the remarks at the ongoing 2008 Summer Davos forum, also known as the Annual Meeting of the New Champions 2008, which kicked off on Saturday in the north China metropolis of Tianjin.

Though feeling gloomy about the outlook of the world economy, most attendees were confident about China's economic prospects.

"China has full confidence and capabilities to ensure sound and fast economic growth for a long period of time," Premier Wen Jiabao said at the opening ceremony.

Klaus Schwab, founder and executive chairman of the World Economic Forum, said China is still a fast growing economy and may lead the world economy in the future.

But for now, as the financial market globalizes, no country could escape the financial crisis, Liu said.

He forecast the annual economic growth would slow to between 9 percent or 9.5 percent, as falling consumer spending in Europe and the United States cut export demands. China's economy expanded 11.9 percent last year.

"This is not a bad thing for China," Liu said, "China needs not only speed, but also quality."

"We had more room to boost growth as consumption and investment demands could make up for the falling exports," Liu said.

Speaking about the US government's $700 billion bailout package, Liu said, it would boost market confidence, but not enough for a cure.

He compared the proposed rescue plan to convenient "fast food", and said "slow and fine-cooked food" was what the world needs.

According to William R. Rhodes, Senior Vice-Chairman of Citigroup, the People's Bank of China, the country's central bank, was working closely with the US Federal Reserve on a series of measures to contain the impact of financial crisis. CBRC was also in close consultation with the Fed.