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China to Invest Foreign Exchange Reserves
China will be aggressively investing its foreign exchange reserves, Reuters reported referring to China’s Premier Wen Jiabao. The issue how to correctly dispose of those funds is the prime concern of the country, Jiabao said.
In this respect, the only thing clear so far is that a special government commission will soon emerge in China to address the issue.
According to Jiabao, creation of new body won’t affect assets stored as the U.S. dollars. Exactly the currency of the United States accounts for the better part of foreign exchange reserves of China.
Reforming stock markets is vital, the official emphasized. Here, the target is to have a perfect market, which calls for improving the level of companies listed on stock exchanges. An open and fair market system should be established in the end, Jiabao made clear.
When speaking about economic problems, Jiabao singled out the country’s dependence on foreign investments. The share of consumption in GDP should be more significant, the official specified.
www.kommersant.com
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