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Nichols & Meyer Capital Partners Publishes New Report - China to Invest Further in Europe - China's Premier Wen Jiabao said his country's expanding economy can contribute further to global growth, and pledged to expand its investment in Europe. China is sitting on more than $3 trillion in foreign currency reserves and has already committed
Nichols & Meyer Capital Partners Publishes New Report - China to Invest Further in Europe

 

NewswireToday - /newswire/ - Hong Kong, Hong Kong, 2011/09/19 - China's Premier Wen Jiabao said his country's expanding economy can contribute further to global growth, and pledged to expand its investment in Europe. China is sitting on more than $3 trillion in foreign currency reserves and has already committed.

   
 
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China's Premier Wen Jiabao said his country's expanding economy can contribute further to global growth, and pledged to expand its investment in Europe. He also urged action to prevent the spread of the sovereign debt crisis, which has sent stock markets plummeting. Speaking at the World Economic Forum last week, Wen said the country cannot grow in an isolated way, and it will look to develop global and domestic growth, adding that more open economic and trade policies will help China and the wider world. Wen and other Chinese leaders have repeatedly stressed that wrestling inflation remains the top policy priority even though a flurry of measures to tighten monetary conditions have dragged on economic growth; China will keep monetary policy tight to contain inflation while forging ahead with structural reforms and boosting consumption to sustain long-term economic growth. China's slowing economic growth was a result of the government's tightening measures to bring inflation under control and was "within expectations." China has raised interest rates five times since late last year, and the required reserve ratio nine times. Inflation was 6.2 per cent in August, easing from a three-year high, although analysts expect it to remain elevated for several months and well above the government's target of 4 per cent. The economy grew by an annual 9.5 per cent in the second quarter, slowing from 9.7 per cent in the first quarter. Industrial output growth moderated to 13.5 per cent and expansion in fixed-asset investment in the first eight months of the year slowed to 25 per cent.

According to the IMF, China was the biggest contributor to global growth last year. Wen’s speech comes as global markets have been rocked this week by renewed fears that Greece, which was recently given the green light for a second bailout, will default on its debt obligations. Portugal and Ireland have also received rescue packages while analysts have warned that Italy and Spain could follow suit, leading to warnings that the crisis could spread to other major economies. The Chinese premier said his country, which has the world's second biggest economy, will continue to increase its investment in the eurozone, a day after reports -- denied by Rome -- that Italy had asked Beijing to buy its bonds. China is sitting on more than $3 trillion in foreign currency reserves and has already committed to investing in Greece, Spain and Portugal. The comments come as the emerging economies of Brazil, Russia, India, China and South Africa are preparing to meet next week to discuss possible aid to the eurozone (eurozonetoday.com) as it confronts a worsening debt crisis.

Record imports and a rebound in lending signalled strength in demand in China that offers a bright spot in a global economy contending with Europe's debt crisis and weakening US job gains. The data may bolster confidence that the world's second-largest economy is weathering Premier Wen Jiabao's campaign to defuse price pressures and financial turmoil abroad. G7 finance chiefs vowed ''a concerted effort'' to support expansion as Europe's debt woes and zero jobs growth in the US increase the risks of a renewed recession. According to forecasts, China may expand more than five times faster than the US and the euro zone this year.

 
 
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Nichols & Meyer Capital Partners Publishes New Report - China to Invest Further in Europe

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