World Bank President Robert Zoellick says the Chinese economy continues to play a key stabilizing role for the world economy despite its recent slowing growth. Zoellick was speaking at a press conference Monday in Beijing during a 4-day visit to China.
The World Bank President's visit comes at a time when the global economy faces its biggest threat in decades. And Zoellick views are similar to those held by Chinese leaders when it comes to China's role.
World Bank President Robert Zoellick said, "The best way China can help support the world economy this time is through its efforts China has taken to strengthen its own growth and recovery."
Zoellick commended the measures the Chinese government has taken in tackling the ongoing economic difficulties. He emphasized the importance of adopting flexible policies amid increasing economic uncertainties.
The World Bank President also identified a couple of major risks the world economy faces in 2009, such as the impact on some poorest nations and rising protectionist sentiment. In particular, Zoellick warned an ineffective credit system in the private financial market may undermine efforts by governments to increase liquidity.
World Bank President Robert Zoellick said, "It will be important in 2009 we re-establish the private financial institutions' ability to lend because otherwise you will get multiple contraction."
Zoellick visited some quake-hit areas in Sichuan province on Sunday before arriving in Beijing. He said the World Bank will offer a 710 million US dollar loan to China to help with the reconstruction work, including public facility construction and equity support for small and medium enterprises.
(CCTV December 16, 2008)
