China has multiple plans in case of worse financial crisis impact: central bank governor

NPC, CPPCC Annual

Sessions 2009

Zhou Xiaochuan (R), governor of the

People's Bank of China, answers a question during a press conference on

dealing with the global financial crisis and maintaining steady and

relatively rapid economic growth held by the Second Session of the 11th

National People's Congress (NPC) at the Great Hall of the People in

Beijing, capital of China, March 6, 2009. Zhang Ping, minister in charge

of the National Development and Reform Commission of China, and Chinese

Finance Minister Xie Xuren also attended the press conference. (Chinese media/Rao

Aimin)
Photo

Gallery

BEIJING, March 6 (Chinese media) -- China has multiple plans

to prepare itself for further negative impact of the global financial crisis,

said Zhou Xiaochuan, governor of China's central bank, Friday.

China's long-held policy of keeping the Renminbi

exchange rate "basically stable at an appropriate and balanced level" is

"relatively comprehensive and enough", Zhou told a press conference on the

sidelines of the parliament annual session.

The currency policy, which was also reaffirmed by

Premier Wen Jiabao in a government work report to the parliament session on

Thursday, "needs no changes," said Zhou.

Answering a question on whether China can rule out

the possibility of depreciating the yuan to support economic growth, he said,

"The question should be raised to some countries where the financial crisis

originated from: what's going to happen eventually on your side?"

"We have to make multiple plans and analyze various

scenarios since there is obviously great uncertainty on their side," he said,

adding that the government won't disclose its intention until the picture gets

clear.

In reply to a question whether China will make more

investment in addition to its 4-trillion-yuan (585 billion U.S. dollars)

stimulus package, Zhang Ping, the country's chief economic planner, said whether

the government will increase investment depends on how the situation develops in

the face of the financial crisis.

"There are already signs of recovery, including

rebound of consumption, investment and some product prices," said Zhang, head of

the National Development and Reform Commission.

China unveils massive stimulus plan

amid global crisis; Premier calls for

confidence

BEIJING, March 5

(Chinese media) -- Chinese Premier Wen Jiabao Thursday called on the nation to

strengthen "conviction for victory" as he unveiled an unprecedented stimulus

package to shore up economic growth amid global downturn.

In a work report to the National People's Congress (NPC),

the country's parliament, Wen said China is facing "unprecedented difficulties

and challenges" as economic growth slows, employment pressure mounts and social

uncertainties increase in 2009, the most difficult year since the new

millennium. Full story

Premier: China "able to achieve" about

8% growth

BEIJING, March 5

(Chinese media) -- China will be able to achieve the economic growth target of about 8

percent in 2009, if proper policies and measures are taken, said Premier Wen

Jiabao in his government work report to the parliament's annual session

Thursday.

"As long as we adopt the right policies and appropriate

measures and implement them effectively, we will be able to achieve this

target," Wen told the Second Session of the 11th National People's Congress

(NPC). Full story

China's 4 trillion yuan stimulus to

boost economy, domestic demand

BEIJING, Nov. 9 (Chinese media) -- China said on Sunday it will

loosen credit conditions, cut taxes and embark on a massive infrastructure

spending program in a wide-ranging effort to offset adverse global economic

conditions by boosting domestic demand.

This is a shift long advocated by analysts of the Chinese

economy and by some within the government. It comes amid indications that

economic growth, exports and various industries are slowing. Full story

Gov't yields to public pressure to

publicize stimulus package details



BEIJING, March 2 (Chinese media) -- China's top economic

planning agency has promised to publish detailed expenditures of the country's

4-trillion-yuan (585.5 billion U.S. dollars) stimulus package, responding to the

request of the public for administrative transparency.

Mu Hong, vice minister of the National Development and

Reform Commission (NDRC), told Chinese media that the commission would release

information about the expenditures on its website (www.ndrc.gov.cn) and accept

public enquiry. Full story