| Zhou Xiaochuan: Powerful Action to Avert Economic Decline
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Zhou Xiaochuan, governor of the People’s Bank of China, says China must take resolute action to prevent a massive economic slowdown. |
China must take powerful action to prevent a massive economic slowdown, Zhou Xiaochuan, governor of the People's Bank of China, said at the recent Bank for International Settlements (BIS) conference. China's economy is experiencing a "moderate" downturn, Zhou said. "This year's economic growth target of eight percent is reasonable, depending on how the global situation develops," he added. Zhou confirmed that although exports have fallen by two or three percent, China's GDP and industrial production show steady growth. The country's manufacturing is also satisfactory, but stronger policies are needed, Zhou said. |
