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China Optimistic in the International Financial Crisis

President Hu stated on October 24 that the good development trend in Chinese economy is in itself an important contribution to the international market stability and world economic development.

Xinhua reported that government think tanks in China are confident of China’s ability to handle the crisis in spite of a reduced 9.9% of the economic growth in the first three quarters. China is actively expanding in Africa and Latin America and China exports more home items than luxury items. Effective November 1, tax rebate rates will increase for textiles, toys and other high valued added items. Comparing to the same period last year, Retail sales of consumer goods for the first three quarters went up by 22%, an increase of 6.1 percentage points. Actual utilization of foreign funds went up by almost 40%, an increase of 29 percentage points.

Source: Xinhua, October 24, 2008