BEIJING (Reuters) - Chinese Premier Wen Jiabao said his government has scored initial success in taming inflation, and told banks to lend more to small firms and tolerate high levels of bad debt from them, official media reported on Wednesday.
Reuters - Chinese Premier Wen Jiabao said his government has scored initial success in taming inflation, and told banks to lend more to small firms and tolerate high levels of bad debt from them, official media reported on Wednesday.
NEW YORK/HONG KONG — JPMorgan Chase & Co paid US$1.8 million over two years to a small consulting firm run by the daughter of former Chinese Premier Wen Jiabao, The New York Times reported on Thursday, a relationship that is part of a wider U.S. probe into the Wall Street bank’s hiring practices in the region.
The most notable overnight event was the release of the Chinese Government Work Report as part of the annual meeting of the National People's Congress which kicked off today and runs until March 17. This is the Chinese equivalent of the State of the Union address, delivered in this case by the outgoing premier Wen Jiabao. In it, Wen summarized his administration’s achievement in the past ten years in some detail, while voicing a sense of crisis when talking about existing social and economic problems.
A rally in Asia is underway this morning as Wen Jiabao, China’s premier is upbeat on China’s economy
Wen Jiabao, China’s premier, has given his most optimistic assessment of the Chinese economy since the start of the year, saying that it had stabilised and that the government’s target of 7.5 per cent annual growth was well within reach.
Chinese Premier Wen Jiabao said Sunday that the country's economy faces downward pressure as he called for more aggressive moves to keep growth on track, state media reported.China cut interest rates from Friday, following a similar move early last month, as the government seeks to avert a hard landing for the world's second-largest economy."Currently, China's economy is generally stable, but downward pressure is still relatively big," the official Xinhua news agency quoted Wen as telling a government meeting in the eastern city of Nanjing.
Chinese stock have been on a 2-day tear as Premier Wen Jiabao has come flat out in support of the stock market.
Moreover, money supply in China is up the most since last April and new Chinese loans exceeded the estimates of all 18 Bloomberg economists. M2 rose 13.6 percent, the fastest pace since July.
Bloomberg reports China Stocks Rise Most in 3 Months on Loan, Money Data