China has entered a new cycle of growth and is willing to integrate further into the world economy, contributing to the greater global good, according to Jin Renqing, the Chinese finance minister.
The politician was speaking at a presentation to mark his acceptance of The Banker’s Finance Minister of the Year, Asia award in London early last month. Mr Jin outlined the latest macroeconomic developments in his home nation and revealed Chinese efforts to maintain a stable economic outlook.
The minister explained that China had a GDP growth rate of 9.5% in the first quarter of this year and inflation had been kept under control at 3.8%.
Describing China’s overall economic performance as “quite good and in line with objectives”, Mr Jin noted that foreign trade volume had risen by 23.1%. The budget deficit was in good shape, he added, and was expected to be reduced to 2.0% of GDP in 2005, down from 2.7% last year.
“As China’s economy grows and integrates more with the world economy at large, we are willing to join hands with other countries to realise common developments,” Mr Jin said. “We are also fully confident that we have the full capacity to develop the economy of China towards a better end so as to contribute more, not only to China but to the world.”
The minister, however, did not answer any questions concerning the negotiations for the G8 summit in July or the possible revaluation of the Chinese currency.
Jin Renqing accepts his award from Stephen Timewell, the editor-in-chief of The Banker.
