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Foreign press focuses on signs of economic recovery in China
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10:19, March 08, 2009

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International media opinions in recent days have been praising China's economic stimulus measures and paying close attention to information released on its two ongoing annual political conferences indicating "some signs of a return to stability and warmth" of the Chinese economy.

The two conferences are the Second Session of the 11th National People's Congress (NPC) and the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Referring to Zhang Ping, head of China's National Development and Reform Commission, Finance Minister Xie Xuren and central bank governor Zhou Xiaochuan, Reuters said China's economic leaders struck a note of quiet confidence at a press conference that the economy is already reviving in response to swift action to counter the shock of the global financial crisis.

"The economic figures are stabilizing and recovering, which demonstrates that the policies have begun to show an impact," a Reuters report quoted Zhou as saying.

"We must err on the side of being quick and decisive," Zhou was quoted as saying.

Japan's Kyodo News also quoted Zhou as saying that China's efforts to combat the impact of the global financial crisis is taking effect, but challenges are severe.

With regard to the detailed effects of the economic stimulus measures, the German Press Agency (dpa) quoted Zhang Ping as telling reporters that "there are already signs of recovery, including a rebound of consumption, investment and some product prices."

Financial Times Deutschland said China's Purchasing Managers Index (PMI) in the manufacturing sector rose to 49 percent in February, the third monthly increase in a row since December 2008.This indicates China's economy is probably on the threshold of consecutive recovery and the government's big stimulus package is taking effect.

Singapore's Lianhe Zaobao said in an editorial that Chinese people are concerned about how and where the 4 trillion yuan (about 590 billion U.S. dollars) is used since the government announced the economic stimulus plan. According to Zhang, the huge amount of money is devoted to the "well-being projects," agriculture, farmers and rural areas, infrastructure facilities, social projects, energy-saving and environmental protection, and technological advance.

The paper said judging from the information provided by Zhang, we can see the Chinese government is not only pursuing a long-term target while solving the current difficulties it faces, but also binding closely the expansion of domestic demands together with the improvement of people's well-being.

Canada's Globe and Mail newspaper said China, in its "most difficult year," stakes its future on an ambitious growth target of 8 percent.

The Toronto Star said the two sessions mean to bolster confidence in the Chinese economy. The government intends to address potential pressure points: graduating students in search of jobs, migrant workers who have been thrown out of work and have returned the countryside, and the unemployed.

Francisco Encina, president of Chile's Deputies Chamber, said the two sessions are at the center of worldwide attention.

New decisions to be made during the ongoing sessions will not only guide the development of China's economy, but also have a profound impact on the world, Encina said.

Sustained growth in China will be of vital importance to the world economy and trade, and China's efficient and responsible economic stimulus measures will be a powerful backup for the world's ailing economy, he said.

The annual meetings are crucial and may be a "catalyst" to speed up the recovery of the troubled world economy, Encina said.


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