HIGHLIGH fly touch TS-Wen frets on China assets in US, wants stable yuan
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HIGHLIGHTS-Wen frets on China assets in US, wants stable yuanPublished: 12 Mar 2009 22:29:14 PST
BEIJING, March 13 - Chinese Premier Wen Jiabao helda news conference on Friday to mark the end of the annual sessionof parliament.

Following are the highlights.

FX RESERVES AND WORRIES ABOUT AMERICA

"We have lent a massive amount of capital to the UnitedStates, and of course we are concerned about the security of ourassets. To speak truthfully, I do indeed have some worries.

"So I hope through you to again call on the United States tomaintain its creditworthiness, abide by its commitments andensure the security of China's assets.

"We have already adopted a guiding management policy ofdiversifying our foreign exchange reserves, and at presentour foreign exchange reserves are safe overall.

"Our first principle in managing foreign currency is avertingrisk. We have always adhered to the principles of foreigncurrency security, liquidity and maintaining value, andimplemented a strategy of diversification.

"Our first priority in foreign exchange reserves ismaintaining our national interest, but we also must pay attentionto maintaining the stability of the international financialsystem, because the two are intertwined.

"Foreign exchange reserve holdings are in fact like bankloans. They are not fiscal funds."

YUAN

"As for your raising the depreciation of the renminbi, thisdoes not accord with the facts. Since July 2005, when weinitiated foreign exchange rate reform, the renminbi hasappreciated 21 percent against the U.S. dollar, and especially inthe past year ... because of the large depreciation of Europeanand Asian currencies, the Renminbi has in fact been appreciating,and this is putting pressure on our exports.

"Our goal is to have a reasonable and balanced level and tomaintain the basic stability of the renminbi ... No other countrycan put pressure on our country to depreciate or appreciate therenminbi."

STIMULUS PLANS

"We have prepared contingency plans to handle greaterdifficulties. We have prepared enough ammunition and we canlaunch new economic stimulus policies at any time."

"The most direct, powerful and effective way to deal with thecurrent financial crisis is to increase fiscal spending -- thequicker the better."

He said the 1.18 trillion yuan to be invested by the centralgovernment, anchoring the 4 trillion yuan stimulus announced onNov. 9, is all new money, and 595 billion yuan of budget fundshas already been allocated.

Some road and rail projects had already been identified inthe current five-year plan but would now be speeded up.

"Otherwise, how can we start so many infrastructure projectswithin such a short period of time? All these projects have beenassessed and details of all will be made public."

EIGHT PERCENT GDP GOAL

"I believe that there is indeed some difficulty in reachingthis goal. But with effort it is possible.

"Firstly, we should consider its merit and possibility;secondly, it is a promise and commitment by the government; andthirdly, it shows our confidence and hope.

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