Finance

Finance

China may emerge from the crisis earlier

13 April 2009 08:25 (UTC +04:00)

Bakuâ€“ APA-Economics. Wen Jiabao, China’s prime minister, has said the country’s economy has shown some "positive signs" amid the global financial crisis.

Wen made the comment in Thailand on Saturday, where he was due to attend a summit of south Asian leaders that eventually was cancelled due to anti-government protests.

Wen’s comments came shortly after data from the Chinese central bank showed the country’s banks lent a record amount of new local currency loans.
The development is the latest sign that the Chinese economy is improving after a sharp slowdown at the end of 2008.

"Chinese government policy has been timely, correct and decisive [in combating the global recession]," Wen said.

China, the world’s third largest economy and the only one in the world’s top five that is still growing, was hit hard by a plunge in exports in the face of the worst global crisis since the 1930s Great Depression.

Beijing has been trying to soften the blow by boosting investment and spending at home with a 4 trillion yuan ($585bn) stimulus.

Leaders from the 10-member Association of Southeast Asian Nations (Asean) plus China, Japan, South Korea, India, Australia and New Zealand were to discuss measures to combat the global economic crisis, sign a long-planned free-trade agreement, and discuss North Korea’s recent controversial rocket launch at the summit in Pattaya in Thailand.

However, they were forced to abandon the meeting on Saturday after thousands of protesters stormed the summit building and blocked delegates from entering.

The protesters were calling for the resignation of Abhisit Vejjajiva, the Thai prime minister, who they say came to power illegally following a military coup that ousted Thaksin Shinawatra, the former Thai prime minister in 2006. Source: Agencies