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StanChart chief: China's economic growth around 7-8% in 2009

(Xinhua)
Updated: 2009-03-17 18:17

UK bank Standard Chartered's CEO said in Hong Kong on Tuesday that China's economic growth will be around 7 percent or 8 percent this year due to the quick policy response by the Chinese government.

Related readings:  China exploits path to growth in downturn  Bankers less pessimistic about economy in Q1: survey  Revenues decline 11.4% in Jan-Feb  Bankers' confidence on economy steadying

Standard Chartered's Chief Executive Peter Sands told reporters in a media briefing that the major fiscal stimulus launched by the Chinese government and the way they encourage the bank lending will be effective in keeping China's economic growth around 7 percent or 8 percent.

"The Chinese government has responded quickly on a significant scale to the challenges to the economic growth," Sands said. "I think China is playing a very positive role in global response to the economic crisis", adding that "the most important role" China can play is to ensure its own economic growth, he said.

As the G20 summit scheduled next month in London is widely seen as a joint effort by the advanced countries and emerging economies to fight against the global economic crisis, Sands said "it is very important" that China has a strong voice in the G20 discussion and he believed China is capable of doing that.