Wen shows confidence in China´s growth target

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Source: CCTV.com | 01-29-2009 13:54

Following his speech, Premier Wen answered questions regarding China's economic performance this year. He explained his confidence that the country can achieve its 8% economic growth target.

Wen said "Frankly speaking, it will be difficult for China to realize the 8 percent growth target for this year, but through hard efforts, we can still attain the goal. The reason is that we have a relatively stable and sound financial system. I'd like to use figures to explain this. China's financial system has been damaged relatively little by the financial crisis. Because we have advanced the financial reform, particularly in establishing a modern banking system, the ratio of non-performing loans for major banks stands at only 2-and-a-half percent, while the capital adequacy ratio for them has exceeded the 8 percent set by the Basel Accord."

Chinese premier calls for confidence, cooperation,  responsibility in tackling crisis

On climate change, Premier Wen promised China will act responsibly to address the problem.

He said "We attach great importance to addressing the issue of climate change, and make our contributions in this regard. While working out the 11th five-year economic and social development program, we have required that energy consumption per unit of GDP be lowered by 4 percent every year- that's a total of 20 percent in five years, and the COD level be reduced by 2 percent. With three years of hard work, we've already met the targets. The Chinese government knows its responsibility. On the one hand, we should try to maintain stable and rapid economic growth; on the other hand, we need to protect the environment, so as to realize the targets of saving energy and reducing the discharge of pollutants. We must do so, in order to be responsible not only for our own country, but also to the world."

Editor:Beauty