China's Robust Economic Performance Helps Regional Development

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Last updated at: (Beijing Time) Sunday, September 29, 2002

China's Robust Economic Performance Helps Regional Development

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A senior Chinese delegate to the World Bank and the International Monetary Fund (IMF) annual meeting said Saturday in Washington that China remains firmly behind efforts to achieve regional development in Asia.

Dai Xianglong, governor of the People's Bank of China,told Xinhua in an interview that China has given strong backing to efforts for the regional development, especially after its entry into the World Trade Organization (WTO).

"China is a strong force for stable economic growth in Asia," said Dai, noting that China has an attractive investment environment with sound polices, a good infrastructure and the stable exchange rate for the Chinese currency RMB.

China has recorded a satisfactory economic performance since the beginning of this year. Its economy grew by 7.8 percent over the same period of last year with foreign direct investment (FDI) increasing by 25.5 percent to 34.4 billion US dollars and foreign exchange reserves reaching 253 billion dollars.

The governor said that while following closely the economic developments at home and abroad, the Chinese government continues to pursue proactive fiscal and monetary policies to ensure the sustained and rapid growth in the national economy.

In facing up to new challenges following China's accession to the WTO, the Chinese government has revised the relevant laws and regulations, said Dai.

Additional progress has been made in various areas including reforming the tax regime, improving the social security net, ensuring the healthy development of both the public and private sectors and facilitating labor mobility, said Dai.

He said the Chinese government places great emphasis on good corporate governance together with the accounting and auditing systems, and has taken steps to introduce the relevant standards and rules in line with international practices.

In particular, the major state commercial banks have made substantial progress in improving their accounting rules and enhancing their public information disclosure, said Dai.

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