china is recovering

Article I picked up of one of the other HC sites

China’s Economic Slump Is Under Control, Zhou Says (Update1)
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By Li Yanping

March 26 (Bloomberg) -- China’s “rapid economic slide” has been “basically” brought under control through a combination of government spending and stimulus packages, the People’s Bank of China Governor Zhou Xiaochuan said today.

The Chinese economy, the world’s third largest, is expected to be a “stabilizing force” in the global effort to combat the financial crisis, Zhou said in an article published today on the central bank’s Web site.

China is spending 4 trillion yuan ($585 billion) on a stimulus package, has cut interest rates five times since September and has offered incentives for exporters to achieve an economic growth target of 8 percent. Leading indicators were recovering, proving that the government has been acting rapidly and forcefully compared with those in other major economies, Zhou said.

China’s measures “are expected to reduce the nation’s over-reliance on external demand and sustain stable growth via boosting domestic demand,” Zhou said.

China’s growth slid to the weakest pace in seven years in the fourth quarter as trade slumped because of the global recession.

The Shanghai Composite Index gained 3.1 percent to the highest level in six weeks today. The measure has risen 30 percent this year, the best performance among 89 benchmark measures tracked worldwide by Bloomberg.

Equities, Real Estate

Hong Kong billionaire Li Ka-shing said in Hong Kong today that investors with cash should consider buying equities and real estate, adding China’s economic recovery will be the “fastest.”

SAIC-Iveco Hongyan Commercial Vehicle Co., a Chinese truckmaker, said today it is winning orders from local miners for deliveries as early as the third quarter, indicating demand may be recovering.

“We are receiving truck orders for their operations in Southern Africa and India,” Matthew Wang, general manager of SAIC-Iveco Hongyan’s Kairui sales center, said in an interview during the Asian Mining Congress in Singapore. “Our business is increasing as copper prices rise.”

A surge in new loans and investment in January and February indicated that the foundations of a recovery are falling into place. The government dropped lending restrictions on banks last year, pressing them to support the stimulus plan, which runs through 2010 and spans spending on roads, power grids and low- cost housing.

China’s economy is showing “early signs” of stabilizing as government-backed investment counters a slump in exports, the World Bank said March 18.

China will make more cuts to export taxes on textiles, garments, steel, non-ferrous metals, petrochemicals and electronics from April 1 to help revive key industries, the State Council said yesterday.

To contact the reporters on this story: Li Yanping in Beijing at [email protected]

Last Updated: March 26, 2009 05:50 EDT
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Reads ok...be nice if it's for real.
That Copper prospect might come in handy if they can come up with some good results and Copernicus is just waiting to be dug up.
At least the article is a bit more positive than a lot of the stuff I'm seeing at the moment.
Regards Dabru