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Wen Jiabao yesterday declared China's efforts to offset the effect of the global economic slowdown an “initial success” as the economy performed “better than expected” last month. ESQgN+llj
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The premier's hints that the country's economy might not be locked in a downward spiral will be viewed as good news in the rest of the world, where Chinese growth is viewed as a potential palliative for the global recession. RXZ}aX[h
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Speaking during a three-day visit to industrial regionsin eastern China, the premier said sales at some companies had begun to rebound, stockpiles were falling and electricity consumption was rising. T+9#&
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“We have achieved initial success from the policies we adopted to counter the financial crisis,” Mr Wen said, according to China National Radio. $& >z`bAS>
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Beijing announced an economic stimulus package of Rmb4,000bn ($585bn) in November, heavily weighted towards construction and heavy industry. It was not expected to improve economic growth until the middle of this year, but some industries, such as steel, have shown more confidence. Vu
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Mr Wen vowed to take other measures, including large investments, to combat the crisis before the legislature's annual meeting in early March, according to a speech published separately. The measures would include accelerated investment worth a total of Rmb600bn in six projects, originally approved as scientific and technological investments over the medium and long term. 2:>|zmh_
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Chinese exports fell 2.8 per cent in December, at least one percentage point less than expected, Dow Jones reported on Saturday. Official figures have not yet been released. Imports also fell sharply.
