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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China an 'important engine' for world economy: PM AFP - Tuesday, September 14 Send IM Story Print TIANJIN, China (AFP) - – China's economy helped power the world's recovery from the devastating financial crisis that erupted two years ago, but risks remained for the Asian country, Premier Wen Jiabao said Monday. Speaking at the start of the World Economic Forum's three-day "Summer Davos" in the northern port city of Tianjin, Wen also pledged to ensure an open and fair environment for foreign businesses operating in the Asian powerhouse. "China's economic growth has provided major development opportunities for the multinationals and created huge demand for major economies and neighbouring countries," Wen said. "It has become an important engine for the world economic recovery," the premier said, praising his country's massive stimulus package as "timely, fruitful, effective and suited to China's realities". "China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," he said. But Wen warned that China lacked "balance, coordination and sustainability in economic development" and said government policies needed to be "more targeted and flexible" to maintain the fast-growing economy's momentum. Beijing responded swiftly to the global recession, unleashing a four-trillion-yuan (586-billion-dollar) stimulus package in late 2008 and ordering state-owned banks to boost lending to spur economic activity. The economy returned to double-digit growth of 10.7 percent in the fourth quarter of 2009, as concerns turned to the risks of rising inflation and a possible explosion in bad debts after lending nearly doubled to 9.6 trillion yuan last year. China's economy slowed in the second quarter of 2010, growing 10.3 percent compared with a blistering 11.9 percent in the first three months, after Beijing introduced a slew of measures designed to avoid overheating. But it outpaced its neighbour Japan in the second quarter, putting it on course to officially confirm its position as the world's number two economy, a title Japan held for 40 years. Japanese government data issued last month showed that its second quarter GDP on a nominal basis came in at 1.288 trillion dollars, below China's 1.336 trillion dollars, although Japan remained stronger over the first half. Wen expressed concerns about the dangers posed by the heavy debt burden of local government financing vehicles, and pledged to intensify a crackdown on lending practices. "This is not a new problem, yet the risks have somewhat increased in recent months," he said. "We have formulated measures to strengthen the regulation of those financing platforms and implementation is well under way." But Wen insisted levels of capital adequacy and non-performing loans of state-owned banks were "in safe territory". State media said in July that 23 percent of the 7.66 trillion yuan extended to local government financing vehicles was in danger of turning sour. Chinese banks lent huge amounts to provincial financing vehicles for construction projects last year after Beijing called for nationwide efforts to spur the economy. Local governments are barred by law from borrowing directly from banks. Last month, policymakers attempted to ease concerns about the dangers of a new crop of bad debts emerging from local government lending, saying there was no systemic risk. Wen also reiterated Monday that Beijing was "committed to creating an open and fair environment for foreign-invested enterprises", while noting that foreign firms had "reaped good returns" in China. Surveys by the American and European chambers of commerce in recent months have shown that overseas companies are increasingly unhappy with the way they are treated in China. The European Union chamber said early this month that uneven enforcement of laws and unfair restrictions on foreign investment were deterring overseas companies from expanding their operations in the Asian country. Beijing last month urged officials to implement policies aimed at encouraging foreign investment, in an apparent response to the criticism by foreign governments and firms over perceived unfair policies. 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