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China 'can boost stimulus plan' China 'can boost stimulus plan'
(10 minutes later)
China is ready to introduce new economic stimulus measures "at any time", Premier Wen Jiabao has said.China is ready to introduce new economic stimulus measures "at any time", Premier Wen Jiabao has said.
He said there was enough "ammunition" to add to the 4tn yuan ($586bn; £421bn) package already announced.He said there was enough "ammunition" to add to the 4tn yuan ($586bn; £421bn) package already announced.
He was speaking at the end of China's annual parliamentary session - the only time he takes questions from reporters.He was speaking at the end of China's annual parliamentary session - the only time he takes questions from reporters.
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.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.
"We have prepared contingency plans to handle greater difficulties," he said."We have prepared contingency plans to handle greater difficulties," he said.
"We have prepared enough ammunition and we can launch new economic stimulus policies at any time.""We have prepared enough ammunition and we can launch new economic stimulus policies at any time."
Opening the annual session of the National People's Congress nine days ago, Mr Wen had said that this year would be the most difficult China has faced this century.Opening the annual session of the National People's Congress nine days ago, Mr Wen had said that this year would be the most difficult China has faced this century.
Confidence neededConfidence needed
He said confidence was "more important than gold or money" in overcoming the world's financial troubles.He said confidence was "more important than gold or money" in overcoming the world's financial troubles.
"Only when we have confidence can we have courage and strength, and only when we have courage and strength can we overcome difficulties.""Only when we have confidence can we have courage and strength, and only when we have courage and strength can we overcome difficulties."
REYNOLDS' CHINA This news conference has its own stately pace - it's been going on for an hour and a half and we're only on to our sixth question Read James' thoughts in fullREYNOLDS' CHINA This news conference has its own stately pace - it's been going on for an hour and a half and we're only on to our sixth question Read James' thoughts in full
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 the huge amount of China's foreign-exchange reserves invested in US government bonds.
"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."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.
Almost half of China's $2tn in currency reserves is thought to be invested in US treasury bills and other government-affiliated notes.Almost half of China's $2tn in currency reserves is thought to be invested in US treasury bills and other government-affiliated notes.
"We are extremely interested in developments in the US economy," Mr Wen said."We are extremely interested in developments in the US economy," Mr Wen said.
Stimulus plan 'misunderstood'Stimulus plan 'misunderstood'
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.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.
The Chinese 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.
Tibet's peace and stability and Tibet's continuous progress have proven the policies we have adopted are right Wen Jiabao Tibet's peace and stability and Tibet's continuous progress have proven the policies we have adopted are right Wen Jiabao class="" href="/1/hi/world/asia-pacific/7941174.stm">Wen's stage-managed briefing
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.
Mr Wen also gave more details of the government's economic $586bn stimulus programme, which was announced in November.Mr Wen also gave more details of the government's economic $586bn stimulus programme, which was announced in November.
He said the package had been "misunderstood" and reaffirmed that the money was all new investment.He said the package had been "misunderstood" and reaffirmed that the money was all new investment.
He said it included $173bn in central government spending on "public welfare, technological innovation, environmental protection and infrastructure projects".He said it included $173bn in central government spending on "public welfare, technological innovation, environmental protection and infrastructure projects".
'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. At the carefully managed press briefing, Mr Wen did field a question about Tibet.
In his answer, 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.