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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese premier says economy improving By JOE McDONALD,AP Business Writer AP - Monday, April 13 BEIJING - Premier Wen Jiabao said China's economy was showing "positive changes" but called for more efforts to combat the impact of the global financial crisis, state media reported Sunday. ADVERTISEMENT The economy showed "better than expected positive changes in the first quarter" due to Beijing's huge stimulus plan, Wen said on the sidelines of a planned Asian summit in Thailand, the Xinhua News Agency, state radio and other official media reported. Citing improved investment, consumption and trade figures, Wen said some segments of the economy "are in a process of gradual recovery," Xinhua said. That data were reported earlier, and the premier gave no forecast of first-quarter economic growth, which China is due to report in the next few days. Some analysts see a recovery taking shape in China as the 4 trillion yuan ($586 billion) stimulus boosts credit growth and demand for steel and other materials. But they caution that the indicators are tentative and show mostly the effect of government spending, while private consumption and investment are weaker. China's economy is forecast to grow by at least 5 percent this year _ the fastest rate of any major country, though down from last year's 9 percent and 13 percent in 2007. Chinese banks have avoided the turmoil that is battering Western financial systems. Trade data reported Friday showed March exports falling 17 percent, but that was less severe than February's 25.7 percent plunge. A survey of companies released two weeks ago showed Chinese manufacturing expanded slightly in March after a painful monthslong contraction that wiped out at least 20 million jobs. Wen, the country's No. 3 leader and top economic official, called for continued vigilance, China National Radio reported on its Web site. "As the crisis has not touched its bottom, we can hardly say that the Chinese economy alone has got out of the crisis," he said. "What we should do is to exert our utmost efforts to minimize the effect of the crisis." The Communist government worries about unrest if more jobs are lost. Wen was asked whether Beijing would launch additional stimulus efforts and said it would step up efforts to carry out the current plan, state radio reported. Wen said last month the government was ready to enact additional plans if the impact of the crisis worsened. "It is essential to closely follow up the changing economic situation at home and abroad, and hammer out new response plans whenever necessary," Wen said, according to China Radio International. The East Asian Summit that Wen was supposed to attend with other regional leaders was canceled after anti-government protesters stormed the venue in Thailand. At the summit, Wen had planned to announce a $10 billion fund for investment in Asian infrastructure-building and offer $15 billion in credit to Southeast Asian countries, Xinhua said, citing Foreign Minister Yang Jiechi. Also Sunday, the People's Bank of China, the central bank, said in a statement it would ensure the financial system would have sufficient liquidity for economic development. The bank said it would boost financing for the agriculture sector and small and medium-size enterprises. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Oman signs gas exploration with US firm HarvestReuters - 2 hours 14 minutes ago Chinese premier says economy improvingAP - Monday, April 13 China planned $10B investment fund at summit meetAP - Sunday, April 12 Marubeni signs grain buying deal with SinograinReuters - Sunday, April 12 Related Articles: Business GULF STOCKS-Stocks rally across region on brighter Q1 resultsReuters - 1 hour 7 minutes ago PZ Cussons to bid for Sara Lee: reportReuters - 2 hours 1 minute ago PREVIEW-Kuwaiti bank profits to rebound after Q4 lossesReuters - 2 hours 4 minutes ago Oman signs gas exploration with US firm HarvestReuters - 2 hours 14 minutes ago Kuwait cuts key rate from Monday to stimulate economyReuters - 2 hours 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed UN sounds warning after Antarctica ice shelf rips Bad mood, better recall, researchers find Pirate hostage siege, Italian tug grabbed Harry Potter actor arrested over cannabis find US budget deficit nears $1 trillion View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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