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China's real economy major victim of financial crisis

(Xinhua)
Updated: 2009-03-06 14:08

BEIJING -- China saw its real economy worst hit by the global financial turmoil instead of the financial sector in many other countries, chief economic planner Zhang Ping said here Friday.

China's financial system is sound and stable after years of reform, said Zhang, head of the National Development and Reform Commission, at a press conference on the sidelines of national legislature's annual session.

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The country has seen wholesome development in the innovation of financial products, supervision on the financial sector, and business operations of the sector, he said.

It was against this backdrop that the government had introduced earlier this year a series of stimulus plans focusing on 10 key industries ranging from automobile, steel, shipbuilding, textile, electronics and information to modern logistics, said Zhang.

The plans aimed to adjust and invigorate the key industries through restructuring and upgrading.

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China's real economy major victim of financial crisis