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China: package will help global system

BEIJING: China’s Foreign Ministry spokesman on Tuesday said the country’s economic stimulus package would help safeguard international financial stability.

“This was the best way for China to cope with the international financial crisis,” said spokesman Qin Gang. China said on Sunday it would loosen credit and financing and enhance investment to offset the adverse external economic situation by boosting domestic demand.

A stimulus package estimated to be 4 trillion yuan ($570 billion) would be spent by the end of 2010 to finance 10 programmes, including affordable housing, rural infrastructure, transport, environment, technology innovation and post-disaster reconstruction.

“The stimulus package will help China to promote the stable growth of the domestic and world economies,” said Mr. Qin. The priority for each country is to manage its own affairs well by maintaining stability in the finance and capital markets, he said.

He said China, as a developing country with 1.3 billion people, still faces many challenges and problems of its own. “We will make our biggest contribution to the world by maintaining the healthy and stable growth of our own economy,” he said.

During the upcoming G-20 summit on the international financial crisis in Washington, President Hu Jintao would exchange views with other delegates on how to tackle the crisis, said Mr. Qin. China also felt that the international community should work together to deal with the crisis, he said. China would increase constructive collaboration with other nations to make its contribution. — Xinhua

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