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China's economy in good shape: central bank official

(Xinhua)
Updated: 2008-12-26 23:07

Liu Mingkang, chairman of the China Banking Regulatory Commission, told the forum that the total assets of the banking sector stood at 61.1 trillion yuan as of the end of November.

He said that 193 banks, which hold 99.5 percent of the sector's total assets, have met the required capital adequacy ratio.

The financial condition of the Chinese government is also "within the healthy range," Yi added, citing national debt and the fiscal deficit.

National debt accounted for about 22 percent of gross domestic product (GDP) at the end of last year, compared with 71 percent for the United States, 67 percent for the Euro zone and 163 percent for Japan, he said.

The fiscal deficit stood at a smaller proportion of GDP than in other countries, he said.

"The figure next year will remain relatively lower than other countries despite a possible increase," he said.

"Both are good for the implementation of an active fiscal policy," he told the forum.

China's economy grew 9 percent in the third quarter, the slowest pace in five years, as the global financial crisis sapped demand for Chinese goods and domestic industrial production waned in response to weak demand and rising raw material costs.

The government announced a huge 4-trillion-yuan stimulus package in November and switched to "active" fiscal and "moderately loose" monetary policies in order to boost the economy.

The central bank has cut interest rates five times since September, and the government is striving to achieve 8 percent economic growth to create enough new jobs and ensure social stability amid the turmoil of the global crisis.

However, economic data released since last week showed further risks of a slowdown. November exports declined year-on-year by 2.2 percent, the first monthly decline since June 2001.

Yi maintained, however, that GDP growth would be about 8 percent next year.

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