Wen says financial crisis not over
28-02-2009
Premier Wen Jiabao says the global financial crisis has not bottomed out yet and its impact is still spreading. He made the comments in an online forum. "The financial crisis, rarely seen in 100 years, is still spreading and has not bottomed out yet," Mr Wen said during a rare online chat. "Measures adopted by the government have seen initial success." China has launched a four-trillion yuan (US$585 billion) stimulus to help the economy and unveiled a series of plans to assist key industries, from steel to textiles, that have been hit hard by the downturn. The government aims to reach economic growth of eight percent this year, which is widely seen as a minimum for generating enough jobs for the millions of people entering the work force, but many economists think it could slip below that. "Only if China has confidence, will it have new hope," Mr Wen said. "The most basic (thing) is to let the economy develop and let people be employed."
