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Xinhua) 14:41, April 12, 2014
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Comments twitter facebook Sina Microblog reddit WASHINGTON, April 11-- China would not resort to massive stimulus policies and hadpotential to keep its growth in proper range, Chinese Vice Finance Minister Zhu Guangyaosaid here Friday.
"China has the potential to sustain a 7 to 8 percent growth rate in the next 10 years," Zhutold Xinhua after a meeting with finance ministers and central bank governors of theGroup of 20 (G20), which was held on the sidelines of the ongoing Spring Meetings of theIMF and the World Bank.
The vice minister said Beijing would not roll out stimulus measures in response to short-term fluctuation, but would instead take a medium- and long-term view of the economicfundamentals and stick to the reform strategy to achieve quality growth.
Zhu said the global recovery was still fragile and vulnerabilities built up in recent months. "One of the biggest risks to China's economy is still the spillover effect from the U.S.monetary policy adjustment," he said.
The U.S. Federal Reserve started tapering its bond purchase program at the end of lastyear, triggering volatility in emerging countries.
The IMF noted in its latest World Economic Outlook that the renewed increase in financialvolatility in January this year highlighted challenges posed by the changing externalenvironment to emerging economies.
Zhu said U.S. Fed officials and Chinese officials had been in good coordination in terms ofthe central bank's policy intention.
The Fed will end the bond buying probably at the end of this year if economy develops asexpected. The Fed will launch the first interest rate hike, which will ripple through theworld economy, including China.
In response to a question of shadow banking risks, a heated topic on China, Zhu saidChina's shadow banking system was manageable in scale but its rapid growth broughtchallenges to financial regulation. China would face the issue and resolve it "in a prudentway," with an aim of avoiding moral hazard and possible systemic shocks.
Zhu also urged the United States to approve the IMF 2010 quota and governance reformpackage, calling it "a shared commitment of the international community."
Finance ministers and central bank governors of the G20 expressed their "deepdisappointment" at the delay of the reform, he said, adding that the reform can never bestemmed, and that the United States should not fall short of meeting its responsibility.
(Editor:ZhangQian、Yao Chun)
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