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Sunday, 19 April 2009

China not clear of crisis still

BOAO (China) - CHINA is still in the mode of struggling against the impact of the global economic crisis despite recent signs that its economy is starting to recover, central bank governor Zhou Xiaochuan said on Saturday.

China needs to continue to adjust its macroeconomic policy in line with the changing situation, Mr Zhou told a session of the Boao Forum for Asia, being held in the Chinese island province of Hainan.

Asked whether he was worried about excessive liquidity in the wake of a surge in lending in the first quarter, Mr Zhou said: 'It's hard to predict the consequences of various policies. The main aim of the expansive fiscal policy and fairly loose monetary policy is to prevent a sharp economic fall. If we do that, then we win.'

He was speaking two days after China said its economy grew 6.1 per cent in the first quarter from a year earlier. While that marked a slowdown in year-on-year terms from the 6.8 per cent pace in the fourth quarter of 2008, analysts said it represented a rebound in sequential growth. -- THOMSON REUTERS

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