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Wen: China curbs downward trend in economic growth

(Xinhua)
Updated: 2009-09-10 17:46

DALIAN: China has curbed the downward trend in economic growth and the country's macro-economic policy and economic stimulus package proved timely, powerful and effective, Premier Wen Jiabao said Thursday.

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Delivering a speech at the opening ceremony of the 2009 Summer Davos held in north China's port city Dalian, Wen said: "Generally speaking, China's macroeconomic policy and economic stimulus package to address the global financial crisis are in line with the country's reality, and are timely, powerful and effective."

"We cannot and will not change our policy stance," he said.

Wen said China will continue to unswervingly follow the proactive fiscal policy and moderately easy monetary policy, and fully implement and continuously enrich and improve the stimulus package.

"We can now see the light of dawn on the horizon," he said.

China's economy grew 7.1 percent in the first half of this year, investment expanded at a faster pace, and consumption maintained fast and steady growth. In the first seven months, 6.66 million new jobs were created in urban areas.

However, the stabilization and recovery of Chinese economy was not steady, solid and balanced, he said.

"With many uncertainties remaining in the prospects of the world economy, we still face tremendous pressure of the decline in external demand," he said.

The three-day summit, also known as the Annual Meeting of New Champions 2009 under the World Economic Forum, attracted about 1,400 business leaders and policy makers from 86 countries and regions.