China should play an important role in the process of improving the international monetary system, Xia Bin, head of the Financial Research Institute of Development Research Center of the State Council, a government think-tank, said in Saturday's China Securities Journal. The following is an excerpt.

Whether or not China could grasp the opportunity of joining international monetary system reform has a direct bearing on the health of the economic growth for another 30 years.

The current global financial crisis not only poses challenges to China's economy, but also offers opportunities for it to adjust economic structures and join in international monetary system reform.

Economic growth should rely more on domestic consumption rather than on exports. The economy grew 9 percent annually in the third quarter, down from 10.4 percent in the first half, as faltering overseas demand hit exports.

Changes are expected for the high-savings and low-consumption wealth management concept in the world's fourth-largest economy as it took measures to boost domestic demand and improve people's livelihoods.

The economy could maintain stable and relatively fast economic growth next year, but Xia warned against being optimistic about economic figures for the fourth quarter and even the first half of next year.

The economy would rebound in the second half of 2009 as the economic stimulus policies took effect.

(China Daily November 24, 2008)