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PBOC: China can weather crisis

(chinadaily.com.cn)
Updated: 2008-10-27 18:43

The Head of China's Central Bank says the country should not underestimate the scale and depth of current global financial turmoil. But Zhou Xiaochuan says the financial system in China is strong enough to withstand blows from external forces.

Zhou Xiaochuan says China mustn't underestimate the impact of the global financial crisis on its economy. But he believes the country can weather fallout from the crisis.

Zhou Xiaochuan said, "Currently our overall economic situation is good. The competitiveness of our financial institutions has strengthened, with big improvements to profitability and the management of risk. We have relatively abundant market liquidity. In short, our financial system remains very solid, and should be able to withstand external impact."

Zhou Xiaochuan believes economic growth rate will continue to trend upwards, citing the advantages of a vast domestic market, abundant liquidity and a good source of labor.

But he concedes that a substantial global economic slowdown will have some effect on Chinese export.

Zhou Xiaochuan said, "Currently our economy is highly dependent on the international market. A global downturn and a weakening external demand will ultimately have a negative impact on our economic growth."

The Central Bank Governor also expressed concerns about stock markets, fixed-asset investment and prices of commodities. He says uncertainty has increased in terms of inflation and stabilizing prices has become more complex.