BEIJING (AP) — China's financeminister said Wednesday that the country is not planning any new stimulusmeasures and it is up to the United States to drive the global economy.
Lou Jiwei said that leaders are satisfied with thecountry's economic performance so far this year and that in the first fivemonths China had created up to 6 million jobs, 60 percent of this year'starget.
Analysts say the ruling party appears willing to accepteconomic growth below its 7.5 percent target this year so long as the rate ofcreation of new jobs stays high enough to avoid political tensions.
Lou said China, which is the world's second-largesteconomy after the U.S., is emphasizing structural reforms to spur economicgrowth and is unlikely to repeat the kind of massive economic stimulus it didin the wake of the 2008 global financial crisis.
"Therefore the global economic recovery depends onthe situation in the United States," he told reporters at a briefingduring an annual U.S.-China strategic and economic dialogue in Beijing attendedby U.S. Treasury Secretary Jacob Lew.
“因此全球经济复苏依赖于美国的情况，”在美国财政部长 Jacob Lew出席的一年一度的中美战略与经济对话中的一场发布会上，楼对记者们如是说。
Lou pointed out that the U.S. economy shrank at a 2.9percent annual rate from January to March — largely because of a brutal winter— and said China hopes the U.S. "can take measures to ensure the momentumof growth."
He also said China hopes the U.S. can rebalance itseconomy by encouraging Americans to save more.
The finance minister said that during the talksWednesday, U.S. officials had asked whether China still had to intervene in theforeign exchange rate — a longstanding issue between the two as the U.S. saysBeijing's controls on the yuan give Chinese exporters an unfair price advantageand hurt foreign competitors. Lou said that as China's economy wasn't in full health andcapital flows weren't yet normal, "it is very difficult for us torefrain" from foreign market intervention.
Domestically, Lou said that industries that have visiblysuffered from a high-profile anti-corruption campaign spearheaded by PresidentXi Jinping, such as high-end hotels, tobacco and luxury liquors, have adaptedto the conditions. "Some of the luxury hotels and restaurants have startedto sell takeout food," he added.
He gave no additional details about the progress of thecampaign and the impact it might have on the economy at large.
Nerobama What Chinabasically is saying is that they are not as foolish as this US government whois mortgaging the whole nation's future to boost up a temporary prosperity andglobal dominance. Today, US has a national debt close to $18 trillion whileChina has a national reserve of over $3.5 trillion.
China owns $1.7 trillion US dollars. Why and how did this happen? It isbasically because the "communist" China changed their economic systemfrom communism to capitalism starting in the 80s. And since the 90's, the US isleaning more and more left, more and more socialistic. If this continues, inless than 10 years, China will be the strongest country on earth economically.
China is investing in the economy. USis spending on military. To build or destroy, that is the question.
Nerobama （回上） @Kenneth, thatis a misconception. US spending on its military, while is huge, is not thebiggest reason for our downfall. It is the anti-business, anti-industry,liberal, big socialist government concepts that the radical liberals arepushing onto us.
david w because the"communist" China changed their economic system from communism tocapitalism ???As a chinese-american with american heart, chinese do not changeto capitalist, china is mafia-nz-capitalist, everythong is controlled bycommunist party( with name), the goal of the chinese communist party take overthe world, for the american, how the business compite with china as wholenation?
Clinton @Nero The Chinese government is in debt justlike every other government. Their debt is only about 1/3 of their economy,compared to America's debt which is about 100%, but it's not zero and they havesome very serious and expensive issues to face in the near future (agingpopulation).
Stephen The Chinese government is doing what it needsto do to ensure the future of it's citizens.
According to this, it has a target of creating 10 million jobs per year.
As a matter of interest, what is the American target ?
Charlie China was smart enough to build a prosperousmiddle class with their newfound prosperity while America has spent 3 decadesdestroying their middle class and now they want the American economy to propelthe world economy. Maybe the Wall Street economy can help but the Main Streeteconomy is tired, broke, and demoralized. Since consumerism accounts forroughly 70% of GDP the prognosis is not very good.
Kenneth Reporter L Watt gavethis a misleading title. Lou said "Therefore the global economic recoverydepends on the situation in the United States,". He never said it was upto US to drive economy. Lou alluded to the -2.9% US GDP which has very negativeglobal impact. Biased reporting or unqualified reporter?
John So now China is even worried about the USeconomy and its lack of savings? I guess even they are getting worried that theUS spend spend spend plan is no longer sustainable. Just one problem. The Fedstill has interest rates at zero, and so one gets essentially zero interest forsavings, which is why we don't have many people saving, which is what the Fedwants. They want us all to spend spend spend, borrow, borrow borrow. Its notworking? Well we need to try harder to spend spend spend, borrow borrow borrow.Keynesian nut-cases all.