Quotes

“China focuses on managing inflation”

Yi Gang， vice governor of the People’s Bank of China， made a speech at the last day of the International Monetary Fund and the World Bank annual meeting on Oct. 14 to explain the monetary policy of China， according to Xinhua.

Yi stressed that the most important job for the central bank is to control inflation. China is developing dramatically， and local governments have desires of pursuing higher growth， so the central bank need to remind the governments the danger of inflation.

He said the moral explanation is not enough， so the central bank has to use some tools， including required reserved ratio， open market operation， and exchange rate policy， to control the growth rate in a manageable range.

“China transforms to slower but better quality growth”

China is transforming to slower but probably better quality growth， Jim O’Neill， chairman of Goldman Sachs Asset Management， told Xinhua in a recent interview.

His comment came as China reported falling imports and lackluster growth in exports for August， the latest set of worrying data to come out of the world’s second-largest economy.

“China’s trade data was quite concerning especially the weakness in imports. China is supposed to be transforming away from the old model and consume more. Part of the hope is that China would import more from the rest of the world，” said O’Neill.

“China’s economy transferring to new growth engines”

China’s economy has started transferring to new growth engines and searching for new incentives， a Russian expert told Xinhua in a recent interview.

The economic restructuring itself was one of the most significant achievements made over the last decade， said Yakov Berger， an expert from the Far East Institute of the Russian Academy of Science.

China used to rely its economic growth heavily on export， investment and cheap labor. Chinese leaders have long been aware of shortages of such an export-oriented economy and looking for a more sustainable growth model， Berger said.

“US report on Huawei， ZTE not final”

The United States Congress’s latest report on Chinese tech firms Huawei and ZTE does not represent a “final conclusion” and the focus of the report is to exchange more information， US Ambassador Terry Kramer said on Oct. 25.

Kramer， a telecommunications expert and head of the US delegation for the World Conference on Information Telecommunications (WCIT)， said at a news conference in Beijing that the report， which was released by the House Intelligence Committee on Oct 8， does not represent the position of the administrative branch.

“China foreign trade growth target may be missed”

Despite accelerated activity in September， China’s chances of hitting its annual foreign trade growth target this year were described as “hopeless”， according to a well-placed source， China Daily reported.

Economists and trade watchers agreed that due to a number of factors， the euro-debt crisis being the most significant， the momentum of China’s foreign growth will remain weak as the year draws to a close.

An annual foreign trade growth target of 10 percent was set earlier this year but the chances of hitting that figure are “hopeless”， said the source on condition of anonymity.