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Zhou: China's economy sound, but challenges loom

(Agencies)
Updated: 2008-10-26 16:20

Zhou Xiaochuan, central bank governor, reports to the Standing Committee of the National People's Congress on China's prospects in the face of the global financial crisis in Beijing October 26, 2008. [Xinhua]

BEIJING - China must prepare for the challenges sure to be brought about by the global financial crisis, though the economy is generally in good shape, central bank governor Zhou Xiaochuan said on Sunday.

Reporting to the Standing Committee of the National People's Congress, or parliament, on China's prospects in the face of the worst financial crisis in 80 years, Zhou struck a balance between confidence and caution.

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"We must not underestimate the impact on our economy," he said.

"The economy's basic momentum has not changed. But in order to confront the many destabilising and uncertain factors that exist, it is necessary to strengthen our awareness of the dangers, proactively cope with the challenges, and do a solid job of preparing to face potential difficulties."

Zhou noted that the country's financial institutions had grown stronger and more sound and that there was still ample cash available, boding well for the stability of the financial system even in the face of external risks.

Further, the great need for investment in infrastructure and the potential for expanding consumer demand could help cushion the impact of weakening exports, he said, according to a transcript of his remarks published by the China News Service.

Annual gross domestic product growth slowed to 9 percent in the third quarter from 10.1 percent in the second, and the government has come out with a raft of monetary and fiscal measures in the past weeks to stimulate growth, including two cuts in interest rates and banks' required reserves.

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