Wen makes rare defence of his economic policies against critics
Thursday, 8 November 2007
HONG KONG, Nov 7 (AFP): Chinese Premier Wen Jiabao has made a rare defence of his economic policies against critics who accuse him of failing to tackle the country's overheated growth, a report said today.
In an unusual public rebuttal to his accusers during a trip to Russia, Wen told a group of Hong Kong reporters that China's spectacular boom vindicated his actions.
"Everybody agrees that China's economy has been doing pretty well for the past five years and actually it's the one bright spot in the global economy-," Wen said, according to the South China Morning Post.
"If that's the case, then to label our-macroeconomic controls as `toothless' contradicts both fact and logic."
Wen has been under pressure from critics both within the Communist Party and from international observers for failing to be decisive enough in restricting China's economic expansion.
However, Wen insisted he would not be bowed.
"I still have that pure and sincere heart," said Wen according to the report, who has been running the economy since 2003. "I shall continue to fight on."
China is all but certain to experience its fourth consecutive year of double-digit growth in 2007 and is expected to soon overtake Germany as the world's number three economy, prompting fears the boom is unsustainable.
Despite five interest rate rises since the start of the year, some economists have been damning of Wen's performance, which has failed to tame inflation which was at a near 10-year high in September, on the back of rocketing food prices.
The figures prompted a top planning official to publicly speculate over the dangers of too-fast growth.
"There are a number of acute problems and difficulties in China's economy. The trend of fast growth tending towards overheating has not been reversed," said Zhu Zhixin, vice-chairman of the National Development and Reform Commission.
In an unusual public rebuttal to his accusers during a trip to Russia, Wen told a group of Hong Kong reporters that China's spectacular boom vindicated his actions.
"Everybody agrees that China's economy has been doing pretty well for the past five years and actually it's the one bright spot in the global economy-," Wen said, according to the South China Morning Post.
"If that's the case, then to label our-macroeconomic controls as `toothless' contradicts both fact and logic."
Wen has been under pressure from critics both within the Communist Party and from international observers for failing to be decisive enough in restricting China's economic expansion.
However, Wen insisted he would not be bowed.
"I still have that pure and sincere heart," said Wen according to the report, who has been running the economy since 2003. "I shall continue to fight on."
China is all but certain to experience its fourth consecutive year of double-digit growth in 2007 and is expected to soon overtake Germany as the world's number three economy, prompting fears the boom is unsustainable.
Despite five interest rate rises since the start of the year, some economists have been damning of Wen's performance, which has failed to tame inflation which was at a near 10-year high in September, on the back of rocketing food prices.
The figures prompted a top planning official to publicly speculate over the dangers of too-fast growth.
"There are a number of acute problems and difficulties in China's economy. The trend of fast growth tending towards overheating has not been reversed," said Zhu Zhixin, vice-chairman of the National Development and Reform Commission.