International Law

China Official Goes Off Message

By Stan

Forbes reports on a pessimistic comment made by a Bank of China official. This is in marked contrast to the positive “the China economy has turned around” pronouncements we have heard the last few days. I wonder what the punishment is for not maintaining PR discipline?

China’s economy is unlikely to hit bottom soon and needs at least two or three years to complete its economic adjustments, central bank adviser Fan Gang was quoted as saying in official media reports on Monday.

The outlook contrasts with a more optimistic view that many analysts have read into recent data.

Fan’s comments, delivered to a forum on Saturday, also came the same day that Premier Wen Jiabao said China’s economy was showing some positive signs even as it faced big challenges.

‘We cannot now expect the global economy to recover quickly, and China’s economy also cannot quickly achieve growth, but we had (appropriate) macroeconomic policies, our fundamentals are relatively good, and we should be able to bottom out within one or two years,’ [Shanghai Securities News] quoted him as saying.

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Full post as published by China Hearsay on April 13, 2009 (boomark / email).