China: Economy can fend off risks from crisis

CHINA: China’s economy is in good condition overall despite the challenges created by the global financial crisis, central bank governor Zhou Xiaochuan was cited by local media as saying on Sunday.

The semi-official China News Service cited Zhou as telling a session of the Standing Committee of the National People’s Congress, or parliament, that China still needed to be on guard to fend off risks from the financial crisis.

He stressed, however, that the financial system was stable and banks were still in a good position overall to weather the crisis, making the country capable of resisting external risks.

While liquidity was sufficient overall, Zhou said that the central bank would work out an advance plan for how it could provide emergency liquidity support to banks should it need to do so.

Beijing, Sunday, Reuters