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Officials confident of weathering economic challenges

(Xinhua)
Updated: 2008-09-08 14:01

During a time of global economic slowdown, Chinese officials said the country can sustain growth.

"The comprehensive situation in China is fine," said Vice Premier Wang Qishan in a keynote speech at Monday's international investment fair in southeast China. "We are confident and ready to overcome difficulties and challenges to ensure steady economic performance and to contain the fast-rising consumer price index."

The 12th annual China International Fair for Investment and Trade (CIFIT), opened in Xiamen, capital of the Fujian Province. The fair is known as the world's largest international investment promotion event. It is sponsored by the Ministry of Commerce and organized by Fujian's provincial government and Xiamen's municipal government.

"China's economy has weathered serious trials since the beginning of this year, including south China's severe winter weather and the May 12th earthquake in Sichuan Province," said Wang.

He added, the unfavorable global environment had disrupted the international financial market.

"The Chinese government has taken up a series of macro-control measures to cope with the complicated situation," Wang told 445 delegations from 104 countries and regions.

He said China's gross domestic product (GDP) surged by 10.4 percent in the January to June period, when the country saw rising domestic consumption, investment and exports.

Minister of Commerce Chen Deming said in the morning session, the departure of the Olympic Games would not hamper China's economic growth, which had been driven by robust domestic consumption and growing foreign trade.

"Beijing's Olympic investment accounted for less than 1 percent of the country's annual total fixed-asset investment for the past seven years," he said.

China's GDP growth rate of 10.4 percent in the first half fell by 1.8 percent over the same period last year. The difference sparked fears of economic downturn, especially after the Olympic Games close in Beijing.

The government's chief economic planning body, the National Development and Reform Commission, said economic performance was steady and moderate.

Commission Deputy Head Zhu Zhixin said after the Olympics close that the second quarter GDP growth rate of 10.1 percent was still 0.3 percent higher than the average annual growth rate in the past 30 years of China's reform and opening-up.

Liu Shijin, the State Council Development Research Center vice director said China's economic slowdown was steady.

"The major economic index in July showed a sound foundation for economic growth," Liu said. He forecast 9-percent of GDP growth for 2008.

"Finishing Olympic construction had no significant impact on China's overall economy," said deputy head of the Macro-Economy Research Institute under the National Development and Reform Commission Wang Yiming, on a China Central TV program over the weekend.

Wang said China is still in the process of industrialization and urbanization which need funding.

"The end of the Games coincided with an economic transition period in the country, when industrial upgrading and environmental protection are the biggest challenges to the economy," he said.