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China hopes US bailout bill can stabilize markets

(Xinhua)
Updated: 2008-10-04 11:11

US President George W. Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the $700 billion financial rescue legislation in Washington, October 3, 2008. [Agencies]

A spokesman of the People's Bank of China (PBOC), or the central bank, said Saturday that China welcomed the passage of the massive US rescue plan and hoped that it would be implemented as soon as possible and achieve positive results.

"We are glad to see the passage of the rescue bill by the House of Representatives and the Senate despite earlier twists and turns," the spokesman said.

"The Chinese government has been closely following the developments of the US financial crisis and its impact. The US financial rescue plan proposed by the US government has been a global focus recently," he said.

The spokesman made the remarks after the US House of Representatives approved overnight the revised bailout plan, which was immediately signed into law by President George W. Bush. The House on Monday rejected the original rescue legislation, sending global markets to plunge.

The spokesman said the PBOC expected the implementation of the US 700-billion-dollar rescue plan to bail out troubled banks would stabilize the US and global financial markets and restore investors' confidence.

He also said China was willing to enhance coordination and cooperation with the US and other economies to overcome current difficulties and stabilize the international financial market.

"China and the United States of America share common interests in stabilizing a stable financial market," he said.

The spokesman also said the fundamentals of the Chinese economy remained unchanged and its financial market was safe and stable with generally adequate liquidity.

The Chinese economy was developing toward a direction guided by the government's macro-economic control polices and it had great potential for a sustainable growth, he noted.

"We have full confidence in the development of the Chinese economy and the stability of our financial market," he said.

According to the spokesman, the PBOC and other Chinese regulatory departments had worked out various response plans to avoid or reduce the impact of the US financial crisis against the Chinese economy.

The PBOC would continue its close contact and cooperation with other central banks and international financial organizations to jointly deal with the financial crisis, he said.

"We are fully confident and capable of safeguarding China's economic development and the stability of its financial market to make contributions to stable development of the world economy," he added.

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