Wen: stimulus package effective, room for improvement (2)

08:51, December 28, 2009      

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TOO EARLY TO GRADE PERFORMANCE

While China's economy began to recover, Wen said it was too early to grade economic performance as the financial crisis was not over yet and much more work was required.

Citing credit growth as an example, Wen admitted China might need to "pay some price and run into some unexpected difficulties" In tackling the global financial crisis.

"It could have been better if our bank lending had been more balanced, better structured and not on such a large scale," he said.

The moderately loose monetary policy, which the government adopted in November last year, spurred the surge in new lending.

In the first 11 months of this year, new loans hit 9.21 trillion yuan, an increase of 5.06 trillion yuan year on year, far exceeding the full year target of 5 trillion yuan the government set in March.

Wen said the State Council had noticed the problem in the middle of the year and moved to correct it. "It has been improving in the second half."

Credit expansion was one of the "unexpected difficulties" China had encountered in dealing with the worst crisis in decades, Wen said.

The State Council had to learn from past experience, detect problems and make persistent efforts to fight the crisis effectively, he said.

He admitted the State Council had time in the second half of the year to calmly reflect on the problems arising from the emergency response to the economic crisis.

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