Despite a dim report by the World Bank that cuts outlook for the global economy this year to minus 3 percent, China is weathering the storm much better than others. A leading Chinese central banker said Tuesday in Beijing that the world's 3rd biggest economy is showing strong signs of growth.
Su Ning, Vice-Governor of the People's Bank of China, told a financial conference in Beijing that Beijing "is very confident" that the country would fight through the difficulties and come out "a stronger economy".
The bank estimated more than 6 trillion yuan of credit lines would be given to investors for the first half year. The economy expanded by 6.1 percent in the first three months, and is expected to grow by 7.0 percent from April to June.
Although the World Bank poured cool water on hopes of any imminent recovery worldwide, Chinese officials are striking a tone of cautious optimism as bank lending, domestic consumption, house starts and overall investment all surge.
Premier Wen Jiabao was reportedly telling journalists in his weekend trips to steel mills and ports in Hebei Province that combating the global financial crisis and economic recession calls for "confidence, intelligence and boldness".
The world Bank raised last week its 2009 forecast for China and advised policy makers to delay until 2010 any additional stimulus plan. The economy will expand 7.2 percent this year, the Washington-based bank said, up from a 6.5 percent forecast in March.
By People's Daily Online
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