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China expects 2010 world recovery China 'can boost stimulus plan'
(20 minutes later)
China's Premier Wen Jiabao has said he expects that China and the rest of the world will be better off by next year. China is ready to introduce new economic stimulus measures "at any time", Premier Wen Jiabao has said.
He was speaking at a news conference in Beijing at the end of the annual session of China's National People's Congress - the country's parliament. He said there was enough "ammunition" to add to the 4tn yuan ($586bn; £421bn) package already announced.
Mr Wen said his government was ready to introduce more economic stimulus measures if needed. He was speaking at the end of China's annual parliamentary session - the only time he takes questions from reporters.
He also said the situation in Tibet was "peaceful and stable", proving China's policies in the region were "correct". Although Mr Wen said he expected China and the rest of the world to be better off in 2010, he said the government was ready to face tougher times.
The news conference at the end of the annual NPC session is the only time that the premier takes questions from reporters. Opening the annual session of the National People's Congress nine days ago, Mr Wen said that this year would be the most difficult China has faced this century.
'Difficult year' Confidence needed
Mr Wen said confidence would be necessary to overcome China - and the world's - economic difficulties. "We have prepared contingency plans to handle greater difficulties. We have prepared enough ammunition and we can launch new economic stimulus policies at any time."
"Confidence is more important than gold or money," he said. Inside Chinese leader's news briefing
"First and foremost we need very strong confidence. Only when we have confidence can we have courage and strength, and only when we have courage and strength can we overcome difficulties. He said confidence was "more important than gold or money" in overcoming the world's financial troubles.
"I expect that next year both China and the world will be better off." "Only when we have confidence can we have courage and strength, and only when we have courage and strength can we overcome difficulties."
Behind the scenes at an official Chinese news conference But Mr Wen said he was worried about the safety of the huge amount of China's foreign-exchange reserves invested in US government bonds.
But Mr Wen said he was worried about the safety of billions of dollars of currency reserves China had loaned the US. "I'd like to take this opportunity here to implore the United States... to honour its words, stay a credible nation and ensure the safety of Chinese assets," he said.
Opening the NPC session nine days ago, Mr Wen said that this year would be the most difficult China has faced this century. Almost half of China's $2tn in currency reserves is thought to be invested in US treasury bills and other government-affiliated notes.
Two days ago, official figures were released showing that Chinese exports plunged by more than a quarter in February from a year ago, to $64.9bn (£47.3bn), and imports fell by 24.1% to $60.1bn. "We are extremely interested in developments in the US economy," Mr Wen said.
At Friday's news conference, Mr Wen said the government's economic stimulus programme included 1.18tr yuan ($172bn) in central government spending on "public welfare, technological innovation, environmental protection and infrastructure projects". Stimulus plan 'misunderstood'
Costing $585bn (£413bn) altogether, the economic stimulus programme was announced by the government in November. Official figures released this week showed that Chinese exports plunged by more than a quarter in February from a year ago, to $64.9bn, and imports fell by 24.1% to $60.1bn.
Mr Wen said the authorities had enough "ammunition" to launch new economic stimulus policies in case of greater difficulties. Tibet's peace and stability and Tibet's continuous progress have proven the policies we have adopted are right Wen Jiabao
The government is targeting annual growth of 8% and wants to boost consumption and raise consumer demand. The Chinese government is targeting annual growth of 8% and wants to boost consumption and raise consumer demand.
We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I'm a little bit worried Wen Jiabao
Correspondents say the Communist Party fears that if annual growth slips below 8%, there will be social instability.Correspondents say the Communist Party fears that if annual growth slips below 8%, there will be social instability.
Premier Wen said the growth target would be difficult to achieve, but possible.Premier Wen said the growth target would be difficult to achieve, but possible.
He said he was worried, however, about the safety of the huge amount of China's foreign exchange reserves invested in US government bonds. Mr Wen also gave more details of the government's economic $586bn stimulus programme, which was announced in November.
"We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I'm a little bit worried," Mr Wen said. He said the package had been "misunderstood" and reaffirmed that the money was all new investment.
Nearly half of China's $2tn in currency reserves is invested in US treasury bills and other government-affiliated notes, the Associated Press news agency said. He said it included $173bn in central government spending on "public welfare, technological innovation, environmental protection and infrastructure projects".
"We are extremely interested in developments in the US economy," Mr Wen said.
'Tibet stability''Tibet stability'
Speaking about Tibet, he brushed aside remarks earlier this week by the Tibetan spiritual leader, the Dalai Lama, that China had made life in the Himalayan region "hell on earth" for his people.Speaking about Tibet, he brushed aside remarks earlier this week by the Tibetan spiritual leader, the Dalai Lama, that China had made life in the Himalayan region "hell on earth" for his people.
"Tibet's peace and stability and Tibet's continuous progress have proven the policies we have adopted are right," Mr Wen said."Tibet's peace and stability and Tibet's continuous progress have proven the policies we have adopted are right," Mr Wen said.
The Dalai Lama was speaking from exile in India on Tuesday's 50th anniversary of a failed uprising against Chinese rule in Tibet.The Dalai Lama was speaking from exile in India on Tuesday's 50th anniversary of a failed uprising against Chinese rule in Tibet.
Mr Wen said talks with representatives of the Dalai Lama could continue if he gave up his "separatist stance".Mr Wen said talks with representatives of the Dalai Lama could continue if he gave up his "separatist stance".
The Dalai Lama has said he seeks greater autonomy for Tibet within China, something China has rejected as a bid for "disguised independence".The Dalai Lama has said he seeks greater autonomy for Tibet within China, something China has rejected as a bid for "disguised independence".
Mr Wen also pressed France to clarify its position on Tibet, saying this was necessary to improve relations.Mr Wen also pressed France to clarify its position on Tibet, saying this was necessary to improve relations.
French President Nicolas Sarkozy incurred Beijing's wrath when he met the Dalai Lama in December last year.French President Nicolas Sarkozy incurred Beijing's wrath when he met the Dalai Lama in December last year.
"The problems that have arisen between China and France arose mainly because the French leader met the Dalai Lama in a prominent way, and this not only involved the core interests of China, it also seriously harmed the feelings of the Chinese people," Mr Wen said."The problems that have arisen between China and France arose mainly because the French leader met the Dalai Lama in a prominent way, and this not only involved the core interests of China, it also seriously harmed the feelings of the Chinese people," Mr Wen said.