💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Wen sees signs of Chinese economy picking up

Published 02/01/2009, 04:21 PM

(Adds quotes)

LONDON, Feb 1 (Reuters) - Chinese Premier Wen Jiabao said on Sunday he had seen signs of a recovery in China's economic activity late last year after its runaway growth slowed abruptly.

"During the last 10 days of December it started to get better. The goods piled up in port started to decrease and the price of industrial products started to rise," he told a business audience during a visit to London.

China's economic growth slumped to 6.8 percent in the last quarter of 2008, dragging down the annual rate of expansion to a seven-year low of 9.0 percent as the world's most populous country felt the impact of the global financial crisis.

Wen also spoke out about a "dangerous trend" towards protectionism as countries around the world struggle to respond to the impact of the global credit crisis.

"We need to oppose protectionism in trade and investment," he said.

"Everyone talks about trade liberalisation, but when it comes to action, everyone cares only about himself," Wen said.

The Chinese premier is on the last leg of a European tour. He will hold further talks on Monday with British Prime Minister Gordon Brown who is preparing to host a G20 summit in April bringing together representatives of the world's largest economies.

Brown also warned about the dangers of protectionism in a speech to the World Economic Forum in Davos on Friday.

Earlier on Sunday British police arrested five pro-Tibet demonstrators in London protesting China's policies there.

The protesters, waving Tibetan flags, broke through police ranks as Wen arrived at the Chinese embassy in London. (Reporting by Daisy Ku and Sumeet Desai)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.