Beijing, China (BBN)– China is taking decisive action to help stabilize the world economy with efforts to re-balance its economy towards greater domestic demand, the World Bank chief said on Wednesday.
“China has steered a steady course through the stormy seas of the economic crisis,” World Bank Group President Robert B. Zoellick said during his third official visit to China as World Bank Group president, according to a press statement.
Zoellick also said: “Through its massive stimulus and strong lending program, China has contributed to the early signs of a global recovery by keeping its growth rate up.”
With growth in China now projected at close to 8 percent for 2009 as a whole, and signs of stabilization in many other economies in Asia and around the world, the chances of a truly global recovery have increased measurably, the World Bank chief added.
A key aspect of China’s stimulus is the extent of its investment in energy efficiency and low-carbon alternatives to road and air transport, according to the World Bank.
“Through its stimulus package, China is spending $90 billion on new rail projects this year, with a similar amount planned for next year,” Zoellick said. “China will spend $85 billion on energy conservation and environmental measures in 2009-10. These are wins for the people of China as well as for the global environment.”
Zoellick discussed emerging signs of global recovery and the Chinese economy on Tuesday with Premier Wen Jiabao.
On Thursday, Zoellick will visit Anhui Province to see World Bank Group-supported projects in forestry, water conservation and highway development. He will also meet students from the University of Science and Technology of China to discuss China’s role in global economic recovery.
After departing Beijing on Friday morning, Zoellick will attend the G20 finance ministers’ meeting in London, a World Bank press statement said.
BBN/SS/SI/AD-03September09-2:53 am (BST)
