China's Central Bank Firm on Economy
Posted on: Wednesday, 4 June 2008, 09:01 CDT
China's central bank, expressing confidence in the U.S. economy's resilience, dismissed as exaggeration warnings of a sharp decline in Chinese exports.
A drastic decline in export growth will not come in the short term, with the resilience of the U.S. economy, the rapid growth in exports to emerging markets, and the productivity increase offsetting labor cost rises, said a report by the People's Bank of China.
Some analysts, calling for a relaxation of controls, have warned of a sharp fall in exports and a hard landing for the Chinese economy. To support their claim, they cited an 8.4 percent drop in China's trade surplus to $58 billion in the first four months of this year.
The central bank blamed the slowing of the Chinese economy on several reasons, including tight credit in the United States, natural disasters and steps taken by the government to prevent the economy from overheating, Xinhua reported.
Source: United Press International
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