Source: CCTV.com

09-28-2008 15:40

The Chairman of China's Banking Regulator says the country's economy is in good shape and should be able to maintain stability despite the global crisis. But Liu Mingkang also stressed that no country could survive as an isolated entity. Liu Mingkang was speaking at this year's Summer Davos, that opened Saturday in the northern municipality of Tianjin.

Liu Mingkang, Chairman of China Banking Regulatory Commission

Speaking at the opening of the Davos Forum on Saturday, Liu Mingkang said the proposed 700 billion dollar bailout plan will boost confidence in the markets. But he also said it is NOT enough to reverse the situation. And it will certainly take a toll on the world's economy.

Liu Mingkang, Chairman of China Banking Regulatory Commission said "The growth rate of China's economy is certain to slow down. This year it will fall to between 9 percent and 9.5 percent, from 11 percent in the previous year. But I see that as a blessing. China doesn't need very rapid growth now. We need to have the quality boosted."

Liu Mingkang says China has more room to fuel its growth. Especially as consumption and investment demands help to make up for falling exports. He also says China's banking sector is ready to embrace senior workers from the world's financial sector.

Liu Mingkang said "I believe China's financial sectors are ready to embrace the senior workers who just lost their jobs at Wall Street. They can join the management in China's financial institutions to share their experiences."

Liu also says China's financial regulators have held multiple discussions with their US counterparts since the beginning of the financial crisis.

 

Editor:Xiong Qu