China vice premier says world economy to worsen-FT

Source: China Daily | 05-08-2009 14:25

London -- China's Vice Premier Wang Qishan said the global financial crisis is spreading and the economy will get worse before it gets better, in a written article in the Financial Times on Friday.

China's Vice Premier Wang Qishan gestures at the start of  a meeting with European Union Trade Commissioner Catherine  Ashton at the European Commission headquarters in Brussels  May 7, 2009. [Agencies]

He said financial stability would be aided by keeping exchange rates of major currencies stable through exchange rate policy coordination.

He also rejected protectionism, saying "it is vital unequivocally to reject protectionism of all kinds."

"The global financial crisis is still spreading," he wrote.

"The world economy is going to get worse before it gets better, and the situation remains serious."