Source: CCTV.com

12-03-2008 09:30

Special Report:   Global Financial Crisis

US Treasury Secretary Henry Paulson said on Monday that the government is working on more stimulus packages to help restore the credit market. Paulson made the remarks at a Fortune 500 Forum.

Secretary of Treasury Henry Paulson speaks about the economy at the Fortune 500 Forum in Washington December 1,2008.(Larry Downing/Reuters)

Henry Paulson said more programs are being developed to stimulate lending, but warned a severe financial crisis is stubbornly persisting. He said the government is trying to improve credit flows to businesses and consumers.

Henry Paulson, US Treasury Secretary said "Today we continue to work through a severe financial crisis. While we are making progress, the journey ahead will continue to be a difficult one. But I have confidence that we are pursuing the right strategy to stabilize the financial system and support the flow of credit into our economy."

Paulson said the rescue package program has distributed 150 billion of the 250 billion US dollars to buy shares in banks as a way to boost their resources. The administration is also looking at other ways to utilize the rescue package.

Henry Paulson said "Back banks to increase their lending is a result of these efforts. And it's important that they do so..."

Paulson stressed that supporting the financial system is the best way to help restore the economy. But he did not provide specifics on what type of programs the administration was considering, but said it's continuing to examine ways to halt the surge of mortgage foreclosures.

 

Editor:Xiong Qu