China Seeing ‘Gradual Recovery’

Wen Jiabao, the premier of the State Council of China, comments on China’s economy that it shows positive changes but still faces “very big difficulties,” from BBC:

The economy showed “better than expected positive changes in the first quarter,” Mr Wen said. Citing improved investment, consumption and trade figures, he said that some sectors of the economy “are in the process of gradual recovery”. He added that while the global crisis was deepening, China had perhaps seen the worst of it.

“As the crisis has not touched its bottom, we can hardly say that the Chinese economy alone has got out of the crisis.” But he explained that China was prepared to implement further measures to ensure that the economy continued to stabilise: “What we should do is exert our utmost efforts to minimise the effects of the crisis.”

Mr Wen’s comments come just days after President Barack Obama said he saw “glimmers of hope” in the US economy. On Sunday, the People’s Bank of China, the country’s central bank, also said it would ensure the financial system has sufficient liquidity for economic development.

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