ADBhasconfidenceinChineseeconomy -Business-Chinadaily.com.cn

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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /EconomyEconomyPolicy WatchChina DataCompaniesMarketsIndustriesOpinionMotoringGadgetsGreen ChinaADB has confidence in Chinese economy(Xinhua)Updated:2014-03-25 10:29
Comments Print Mail Large Medium SmallBEIJING – The Asian Development Bank (ADB) believes the Chinese economy can remain strong despite the problems it is confronting, its president said on Monday.”We are currently looking at the figures concerning Chinese growth, and I think basically it will remain at the same level as the ADBs previous forecast of about 7.5 percent this year,” Takehiko Nakao told Xinhua on the sidelines of the China Development Forum 2014.Although he noted several concerns in economic areas, including shadow banking, local government financial vehicles and over-investment from previous years, Nakao said all of them are manageable.China Development Forum 2014 opens  Infographic: Five key words from Lis govt report  China to start new economic journey: Lagarde  For example, he said, Chinese authorities have strengthened monitoring and regulation of shadow banking issues.”There may be some problems, and there are already bankruptcies. But I dont think shadow banking will cause a systemic problem to the financial system. The authorities have the capability of managing systemic risks,” according to the economic chief.As for problems in the property sector, Nakao said home prices in some cities are rising too high and there are some downturns, but this can happen in any country or economy.”What I am trying to say is that the ADB doesnt believe it will cause major problems, a crisis or a slowdown in the Chinese economy,” he said, adding that economic situations in the United States, Europe and Japan are all improving.”So overall, Chinas economy can remain strong,” said Nakao.The president was impressed by the comprehensiveness and clarity of Chinas reform plan adopted at the Third Plenary Session of the 18th CPC Central Committee in November.Nakao believes Chinas leadership is committed to improving modern market systems, accelerating the transformation of government functions, deepening public finance reform, developing mechanisms for closing the urban-rural divide, liberalizing the financial sector and protecting the environment.In his view, Chinas pledge to assign a decisive role to the market in the allocation of resources will unleash the dynamism of the private sector to facilitate the countrys transition to higher income status.The picture may be rosy, but for Nakao, its more important for China to implement the plan. “Implementation should be solid and expeditious,” he said.The ADB is assisting the National Development and Reform Commission, Chinas top economic planner, in the preparation of the 13th Five-Year Development Plan, which will start in 2016 and implement longer term structural reforms, according to Nakao.”While numerous challenges await China, the country can enjoy an important comparative advantage, which is the opportunity to benefit from both successful and failed international experiences, ” he said.8.03KRelated StoriesChina should manage reform tradeoff, implementationChina on new growth track within 2 yearsChina to start new economic journey: LagardeChina moving up to the next levelTimetable for reformPhotoRetail giant checks outTop 10 Chinese car maker movesEarth hour around the worldWorlds eight green stadiumsHighlights of the Baselworld 2014View from on highChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerFew textbook answers from Nobel prize winner Things you didnt know about Max BaucusMost ViewedTodays Top NewsNHTSA says finds no defect trend in Tesla Model S sedansWTO rare earth ruling is unfairAmway says 2014 China sales may grow 8%President Xi in Europe: Forging deals, boosting businessCNOOC releases 2013 sustainability reportLocal production by Chery Jaguar Land Rover this yearCar lovers test their need for speed in BMW Mission 3China stocks close mixed MondayHot TopicsTaxi booking appInternet finance12306.cnHousing priceWeChat4GChina MobileIPOs resumptionEditors PicksTop 10 Chinese car maker moves Worry-free financing plans aid car owners What a phone can do via lens 9 mysterious plane disappearances SpecialsGlobal business leaders weigh in on reformsBillionaires speak out on reform rolesInternet finance is in, but is banking out?…Media : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum|workercn.cn|Partners : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum|workercn.cn|Portals : |www.panguso.com|www.goso.cn|Sina|Sohu|Tom|Tencent|NetEase|Hexun|Organizations : |China US Focus|FrenCham|CPAFFC|CPIFA|Gov.cn|eBeijing|AmCham|SwissCham BJ|…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. 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