Against backdrop of the world's financial crisis, China will play a vital role in world's economic recovery, said Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF) on March 21 in Beijing.
"I think China's role is very important. Its fast growth has already made important contribution to the world economy, and it will continue playing that vital role in world's economic recovery," Mr Portugal said on the first day of the three-day China Economic Forum 2009.
China's financial policy has long been self-regulated and prudent. Besides, China has large quantity of foreign exchange reserves and debts equaling to 20 percent of its GDP. Based on that, China can make great contribution to the world economic recovery, Mr Portugal added.
He went on to say that the economic stimulus plan that China unveiled last November, stipulating that the investment from 2008 to 2010 would equal 13 percent of its GDP, is undeniably a huge contribution to the world growth. Mr Portugal said that he was confident that China would achieve high positive growth this year, though the growth rate will lower than last year.
China has announced a US$585 billion two-year economic stimulus package to boost growth and domestic demand, US$170 billion of which will be funded by the central government. The stimulus package plan has four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net.
Tracey Jia