Zhou Promises China's Help in Credit Crisis

Source: Xinhua  |   2008-11-10  |     NEWSPAPER EDITION

CHINA will help stabilize international financial markets by maintaining its economic growth and expanding domestic demand, Zhou Xiaochuan, governor of the People's Bank of China, the country's central bank, said in Sao Paulo on Saturday.

The central bank is closely following the situation in global financial markets to draft its policies on further readjustment of interest rates, he said.

Zhou, who was in the Brazilian city to attend an annual meeting of finance ministers and central bank governors from the Group of 20 major industrial and emerging-market countries, said China's central bank will cooperate with the International Monetary Fund to stabilize financial markets.

Zhou predicted an 8-percent to 9-percent economic growth for China next year, noting that the steady growth of the Chinese economy will help global financial markets return to normal.

Finance ministers and central bank governors from the G20 nations began the two-day meeting in Sao Paulo on Saturday.

Founded in 1999, the G20 accounts for 85 percent of the global economy and two-thirds of the world population.