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People's Daily Online>>China Business

Securities regulator upbeat on Chinese economy

(Xinhua)

08:59, March 01, 2012

BEIJING, Feb. 29 (Xinhua) -- Despite growth moderation, China's top securities regulator has voiced strong confidence in the national economy, which he said is still one of the world's most promising.

The moderation in China's growth is a desired outcome of the government's macro-regulation, which will support sustainable and healthy development, Guo Shuqing, head of China Securities Regulatory Commission (CSRC), said in an exclusive interview with Xinhua.

Guo said his confidence was due to the country's huge market potentials as the government stepped up efforts to spur domestic demand to wean the the national economy off its reliance on exports.

China's growth in 2011 slowed. GDP grew 8.9 percent year-on-year in the fourth quarter, down from 9.1 percent in the third quarter, 9.5 percent in the second quarter and 9.7 percent in the first quarter.

However, the domestic market potentials will give China some strength to resist the adverse impacts of complicated and volatile global economic situations, according to Guo.

He noted that after over three decades of fast expansion, China now faces a pressing urgency to accelerate industrial upgrading and transform its development pattern.

The development pattern, which relies on high input, high energy consumption and high capital accumulation, has produced grave negative effects -- environmental degradation, inequality of wealth and increasing tendency towards protectionism abroad.

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