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China should play key role in int'l monetary reform

(Xinhua)
Updated: 2008-11-22 18:31

China should play an important role in the process of improving the international monetary system, said Xia Bin, head of the Financial Research Institute of Development Research Center of the State Council, a government think-tank.

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"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 in another 30 years," Saturday's China Securities Journal cited him as saying.

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, according to Xia.

He said 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, he noted.

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

But he stated that the economy would rebound in the second half of 2009 as the economic stimulus policies took effect.