Source: CCTV.com
10-11-2008 09:10
Special Report: Global Financial CrisisA spokesman for the central bank says China's financial system is stable and safe. This comes as discussions center on the global financial turmoil. The Central Bank says China's economy will perform well despite the influence from abroad.
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| The Central Bank says China's economy will perform well despite the influence from abroad. |
The central bank spokesman said China will cooperate with other countries.
PBOC spokesman Li Chao said, "The People's Bank of China will strengthen cooperation with international financial institutions and central banks of other countries to jointly deal with the global financial crisis. At the same time, we will be flexible in adjusting our policies based on the economic situation."
On Wednesday, China cut its interest rates, hoping to help maintain the country's fast and stable growth.
Chen Yulu, vice chairman of China Int'l Finance Institute, said, "We are more concerned about the stability of economic entities. We want to stabilize fixed asset investment, ensure the borrowing ability of enterprises and avoid a fall in consumer demand. With these measures, we hope maintain our economic growth at a stable rate."
In addition, the central bank also lowered commercial banks' required depository ratio by half a percentage point. That is expected to release 225 billion yuan into the market, effectively enlarging banks' lending abilities and helping to satisfy enterprises' capital demands.
Yu Gongmin, General manager of China Huadian Corp, said, "After we get more capital, we will improve our electricity production structure to achieve sustainable growth. More importantly, we will adjust our capital structure to prevent a financial crisis."
Analysts say these macro-control measures will help to maintain fast and stable growth in the medium- and long-term.
Editor:Zhang Ning
