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China's stimulus moves conducive to world

(Xinhua)
Updated: 2009-09-12 20:23

DALIAN: China's stimulus measures were not only a cure for the country's economy, but also conducive to other countries' efforts to deal with the financial crisis and economic downturn, said David Wright, Vice-Chairman of the Barclays Capital.

He made the remarks at the Summer Davos concluded Saturday in north China's coastal city of Dalian, where governmental officials, business leaders and experts from around the world discussed how to relaunch growth in the global economy.

Experts attending the three-day event said that Chinese government's 4-trillion yuan (586 billion US dollars) stimulus package and other measures to bolster the economy also helped to hearten the confidence of other countries to tide over the global economic slowdown.

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Although China's economy has managed to grow relatively fast this year, it still faces the challenge of making it develop in a more balanced, coordinated and sustainable way, said Stephen Roach, Morgan Stanley's Asian Chairman.

The world's third largest economy expanded 7.1 percent year on year in the first half this year.

However, Sha Zukang, UN Under-Secretary-General for Economic and Social Affairs, said that the world could not rely on China alone to lead the world's economic growth, as it is still a developing country.