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China to relax credit controls to boost economy: officials
Beijing (AFP) Dec 3, 2008 China will continue to relax credit controls and use all monetary means to stimulate the economy, the government announced on Wednesday in a statement posted on its website. "We need to apply a flexible and proper monetary policy to combat the crisis and maintain fast and stable growth," said the statement, issued at the end of a meeting chaired by Prime Minister Wen Jiabao. The government also said it wanted "to accelerate credit growth, using the bank reserve rate, interest rates and exchange rates" to increase state spending. Beijing has also decided to increase by 100 billion yuan (11.5 billion euros)loans to its three specialist "policy banks" which report directly to the cabinet. Related Links The Economy
Walker's World: Our Great Depression
Washington (UPI) Dec 3, 2008 Two wholly predictable verdicts came in this week that between them suggest it's time to drop all these tired comparisons with the 1930s. As car sales collapse 30 percent to 40 percent and California goes broke, this is fast becoming a Great Depression of our own. |
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