China recovery not yet on solid footing – Xi

October 9, 2009

China's Vice President Xi Jinping arrives at Abelag airport in Brussels October 7, 2009. Xi Jinping is on a three-day official visit to Belgium.    REUTERS/Francois Lenoir   (BELGIUM POLITICS)   BRUSSELS, Oct 9 (Reuters) – China’s economic recovery is not yet on a solid footing so the country will carry on with its fiscal stimulus for now, Chinese Vice President Xi Jinping said on Friday.
   Speaking at an economic seminar during a visit to Belgium, Xi forecast that a return to growth across the world would be slow and gradual.
   “We have yet to put economic recovery on a stable and solid basis,” Xi said of China. “We will continue to implement proactive fiscal policy.”
   “The overall economic situation in China is stabilising and improving,” he added.
   Xi said signs of a recovery had appeared in the global economy, but any return to growth would be “long and tortuous”.
   He also said China and the 27-country European Union should improve their dialogue on macroeconomic and financial issues while working to oppose protectionism in trade.
   “We should … strengthen dialogue on macroeconomic and financial issues,” Xi said.
   The EU countries that use the euro and the United States are keen on China letting its currency, the yuan, appreciate.
   “We should follow on the outcomes of the three G20 financial summits — economic financial coordination, push for reform of the international financial system, coordination on international financial supervision,” Xi said. (Reporting by Marcin Grajewski and John O’Donnell) ((; +322 2876830; Reuters Messaging:
 Keywords: CHINA EU/ 
 Keywords: CHINA EU/ 
Friday, 09 October 2009 09:33:01RTRS [nL9500870 ] {C}ENDS

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