Thursday, September 10, 2009

China's Premier Wen Speaks at "Summer Davos"

This is coming off a live Davos Twitter feed:

Plenary with Premier Wen Jiabao

Premier Wen World economy starting to recover but slowly. Crisis taken heavy toll on Chinese economy but we arrested downturn in growth.

Premier Wen: "China’s stimulus package focuses on expanding domestic demand and driving economic growth through consumption and investment"

Premier Wen: Stabilization and recovery of Chinese economy not yet steady... We still face tremendous pressure in decline in external demand

Premier Wen: Should focus on restructuring economy so focused on boosting domestic demand. Science and tech is powerful engine of eco growth

Premier Wen: "Protectionism will only delay economic recovery. China will never engage in trade and investment protectionism."

Premier Wen: "When there are difficulties in addressing global financial crisis, we need to uphold confidence in face of the difficulties."

Premier Wen: Employment top priority. 6.6 million jobs created in urban areas in the first 7 months of 2009. Had planned to create 9 million

End of Day 1 at the ‘Summer Davos’
A bit Keynesian, from Wen with his talk of stimulus packages, but it does appear there is a new focus on internal growth versus export led growth. This is not good sign for the dollar. A focus on internal growth will mean less willingness for the Chinese to prop up the dollar.

1 comment:

  1. "China will never engage in trade and investment protectionism"

    Wow, that's as hollow as many of the statements from America's red and blue teams.