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Stimulus plan will help int'l financial stability

(Xinhua)
Updated: 2008-11-12 10:11

China's Foreign Ministry spokesman on Tuesday said the country's economic stimulus package would help safeguard international financial stability.

"This was the best way for China to cope with the international financial crisis," spokesman Qin Gang told a regular press conference.

The government said Sunday it would loosen credit and financing and enhance investment in an obvious effort to offset the adverse external economy by boosting domestic demand.

A stimulus package estimated to be 4 trillion yuan ($586 billion) would be spent by the end of 2010 to finance 10 programs, including affordable housing, rural infrastructure, transport, the environment, technology innovation, and post-disaster reconstruction.

"The stimulus package will help China to promote the stable growth of the domestic and world economies," Qin said.

In the face of the global financial crisis, the priority for each country is to manage its own affairs well by maintaining stability in the finance and capital markets and its own economic growth, Qin said.

Qin said China, as a developing country with 1.3 billion people, still faces many challenges and problems of its own.

"We will make our biggest contribution to the world by maintaining the healthy and stable growth of our own economy," he said.

During the upcoming G20 summit on the international financial crisis in Washington, Chinese President Hu Jintao and his delegation would exchange views with other delegates on how to tackle the crisis, said Qin.

China maintained that the international community should work together to deal with the crisis, Qin said. China would increase constructive collaboration with other nations to make its contribution.