China sees signs of the economy recovering and must be ready to act sooner rather than later to revive growth, the central bank governor said on Friday.
"The policies (to date) have achieved significant results," Zhou Xiaochuan told a news conference on the sidelines of the National People's Congress, the largely ceremonial parliament.
"We are also seeing that the economic figures are stabilising and recovering, which demonstrates that the policies have begun to show an impact.
"In particular, we have to prevent being too slow-handed or light-handed in responding. We must err on the side of being quick and decisive."
Zhou's comments came a day after Premier Wen Jiabao said China would ramp up deficit spending this year to hit its all-important 8 percent growth target.
Recovery Trend?
Recent data has suggested the world's third-largest economy may be on the cusp of a recovery.
New domestic-currency bank loans shot up to a record 1.6 trillion yuan in January. Liu Mingkang, the top banking regulator, said that they probably exceeded 800 billion yuan in February, still a very high figure.
Two surveys of Chinese manufacturing have also rebounded, with the official purchasing managers' index reaching 49 in February, just shy of a reading of 50, which marks the difference between contraction and expansion.
Output and new orders both returned to mild growth after shrinking for four months, the official PMI report showed. But economists cautioned it was too early to tell if the broader economy was improving or if the pick-up in demand could be sustained. more...
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