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Fundamentals of China's economy have not changed despite crisis: Hu
Beijing (AFP) Oct 24, 2008 Chinese President Hu Jintao said Friday the fundamentals of China's economy had not changed, even though it was facing difficulties and challenges due to the global financial crisis. "The fundamentals of the Chinese economy have not changed. However, the global financial crisis has noticeably increased the uncertainties and factors for instability in China's economic development," Hu said. "We are now confronted with many difficulties and challenges in our economic endeavours," he said at the start of a gathering of Asian and European leaders in Beijing. Hu made the remarks amid signs the world's fourth largest economy is starting to feel deep impacts from the global crisis. China reported this week its economic growth had fallen to 9.0 percent in the third quarter, the lowest level in more than five years, due mainly to a slowdown in exports. In southern China, factories that have relied on exporting to the United States and other rich nations have begun closing down, laying off thousands of workers. In response to the financial crisis, Hu said, China "must first and foremost run (its) own affairs well." "In light of the changing domestic and international financial situation, we will make our macroeconomic regulatory measures more proactive, focused and effective and make timely adjustments to our policies," Hu said. "We will vigorously expand domestic demand, especially consumer demand, maintain economic financial stability and the stability of capital markets, and continue to promote sound and fast economic and social development." China has taken the first steps towards boosting domestic demand by introducing new incentives for the real estate market, following a lengthy period of trying to rein in the property sector. Growth creation has emerged as the top policy priority in Beijing in recent months, a departure from early this year when inflation control dominated the agenda. Community Email This Article Comment On This Article Share This Article With Planet Earth
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