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To: Black-Scholes who wrote (40905)	5/12/1999 1:29:00 PM
From: Don Dorsey	Respond to of 50808

China Expects Faster Economic Growth: Banker BEIJING (May 12) XINHUA - A senior official of China's central bank said here today that the national economy has been running well this year and will probably grow stronger than previously thought. At the same time, the Chinese government will take further measures to support the sound development of the economy, said Liu Mingkang, vice-governor of the People's Bank of China, at the China Forum 1999 which opened here today. "By the end of the first quarter this year, the overall landscape of our economic and financial situation continues to be relatively stable," Liu said. The gross domestic product (GDP) grew 8.3 percent in the three months, with trade surplus amounting to four billion U.S. dollars, and foreign exchange reserves rising to 146.6 billion U.S. dollars. "These strong figures heighten expectations that our growth will surpass the target of seven percent this year," Liu said. Noting that China has adopted a pro-active fiscal policy and appropriate monetary policy to stimulate domestic demand, Liu said these measures have contributed to the overall healthy performance of the economy. "As events unfold this year, we will continue our supportive efforts in many areas," Liu said. He said the central bank will allow more flexible interest rates with much wider spreads to support small and medium-sized enterprises this year. Loan facilities will be expanded to quicken readjustment of the economic structure and technological renovation, he said, adding that financial facilities for mortgage loans for housing and cars are now in place. "We will also create and implement new policies to support direct foreign investment," Liu said. In the meantime, the vice-governor said that China will continue to adhere to the opening-up policy in the financial arena. By the end of March, 25 foreign banks had been allowed to begin doing business in the yuan, 19 in Shanghai and six in Shenzhen. The total assets of foreign banks in China have reached 35.6 billion U.S. dollars, according to Liu. "We will see stronger determination and a faster stride in opening our financial market once we enter the World Trade Organization," Liu said.