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Wen: We'll do whatever it takes to fight crisis

(China Daily)
Updated: 2009-03-02 08:00

The global financial crisis has not yet hit bottom, Premier Wen Jiabao has warned, promising that the government is "ready to take firmer and stronger action whenever necessary".

During his first-ever online chat with the public on Saturday, Wen said "the stimulus measures announced by the government have produced good results in certain areas".

For example, consecutive growth has been recorded in credit supply, with new loans standing around 440 billion yuan ($64 billion) in November, 770 billion yuan in December and 1.63 trillion yuan in January.

He also cited figures on stronger retail sales and the rebound of power generation and usage.

Consumption rose 18 percent year-on-year in January, while power generation in the Feb 11-20 period increased 15 percent year-on-year, or up 13.2 percent from the first 10 days of the month, he said.

"Some key indicators show the economic situation has taken a turn for the better," he said.

Wen said one indicator he watched closely was power generation - and from mid-February, power generation and consumption have both resumed growth.

But "we must fully realize we are facing a long-term and arduous task We must strengthen confidence in the face of the crisis and be ready to take firmer and stronger action when necessary".

The four stimulus measures announced are a 4-trillion-yuan economic stimulus and tax cuts, sops to 10 key industrial sectors, technological upgrading, and the building of a comprehensive social security network.

The major impact of the global financial crisis is on the country's real economy instead of its financial sector, which is relatively stable and healthy, and capable of withstanding the crisis, he said.

The economy grew 9 percent year-on-year last year, the lowest since 2001.

Wen said eastern coastal areas, where the economy is labor intensive and export-dependent, have been the hardest hit.

The fall in international market demand has left a huge number of migrant workers jobless, he said, adding he is deeply concerned about migrant workers, college graduates and urban families facing unemployment.