May 22, 1999
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| May 22, 1999 | atimes.com | |
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| China IMF official optimistic about economy BEIJING - China has been pulling through the Asian financial crisis very successfully and the long-term prospects for its economy are quite optimistic, according to Flemming Larsen, vice-director of the research department under the International Monetary Fund. At a press conference held in Beijing on May 20 on the World Economic Outlook published recently by the IMF, Larsen said that the Asian financial crisis has had some adverse impact on China, which is quite normal for a country that is increasingly becoming integrated into the global economy. ''Although China's exports have decreased somewhat, it does not mean that China's competence has weakened,'' he said. ''The global and regional economic climate was to blame." He said that since the outbreak of the Asian financial crisis, China has introduced measures to stimulate and promote domestic demand, and at the same time has paid attention to actually lessening the role of these measures, which is the right way to develop the economy. ''The major economic measures adopted by the Chinese government, including the foreign exchange rate policy, have proved very successful,'' he said, adding that these measures not only helped stabilize and develop the domestic economy, but have also contributed significantly to the recovery of the Asian economy. He said that the growth rate of China's gross domestic product may continue to slow down for another year, but with the bottoming out of the Asian economy and the recovery of the global economy, China's national economy will also recover. He stressed that the current slowdown of China's economy is mainly affected by the global economic environment, it will not last long, and there should be no worries about this. (Asia Pulse/XIC) | |||||||||
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