Li: Econ­omy is re­gain­ing its com­po­sure

China Daily (Canada) - - FRONT PAGE - By ZHANG YUE in Bei­jing zhangyue@chi­

China is get­ting new dy­nam­ics for eco­nomic growth and cre­at­ing new jobs, Premier Li Ke­qiang as­sured the vis­it­ing chief of the World Bank on Wed­nes­day.

The Chi­nese econ­omy is re­gain­ing its com­po­sure and mak­ing new progress, the premier told Jim Yong Kim, pres­i­dent of the World Bank Group.

China has earned rich ex­pe­ri­ence from its past re­form and de­vel­op­ment and “has ac­cu­mu­lated an am­ple stock” of poli­cies and political in­stru­ments to deal with the dif­fi­cul­ties it faces and any new chal­lenges and risks.

Kim was in Bei­jing ahead of the Group of 20 meet­ing of cen­tral bankers and fi­nance min­is­ters, sched­uled for Fri­day and Satur­day in Shang­hai.

The Chi­nese premier ex­pressed will­ing­ness to im­prove in­for­ma­tion­shar­ing and strengthen co­or­di­na­tion and col­lab­o­ra­tion with the in­ter­na­tional com­mu­nity.

The forth­com­ing meet­ing of G20 cen­tral bankers and fi­nance min­is­ters will fo­cus on sta­bi­liz­ing the global fi­nan­cial mar­ket and pro­mot­ing eco­nomic growth. But Li did not men­tion the so-called se­cond Plaza Ac­cord — pri­mar­ily a con­sen­sus about the yuan — that some over­seas me­dia have talked about.

Many Chi­nese com­men­ta­tors think the Plaza Ac­cord of 1985, reached in New York by fi­nance min­is­ters from five de­vel­oped coun­tries, did not solve many prob­lems in the world and was partly to blame for the Ja­panese as­set bub­ble and sub­se­quent slow­down.

Zhang Yiming, a com­men­ta­tor on Eastern­, a fi­nan­cial in­for­ma­tion web­site, went so far as to call it a prod­uct of “Western im­pe­ri­al­ism”.

Zhao Xi­jun, deputy dean of the School of Fi­nance at Ren­min Univer­sity of China, said it is very im­por­tant for China to en­hance pol­icy-level com­mu­ni­ca­tion with other coun­tries through in­ter­na­tional plat­forms such

For­eign ex­change re­serve is af­fected by many el­e­ments, not just im­port and ex­port.”

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