China firm on keeping economy in shape

BEIJING, Oct. 15 (UPI) -- Chinese Vice Premier Wang Qishan says his country has enough tools to keep its economy on track in the current global financial turmoil.

Meeting with visiting U.S. Sen. Chuck Hagel, R-Neb., Wang said the financial crisis, triggered by the U.S. credit crunch, had gravely impacted the global financial market, Xinhua news agency reported.

"With tools at our disposal, we are confident and capable of prevailing over the overall difficulties and challenges," the Chinese leader told his visitor.

Despite the worldwide market turbulence, China has seen its trade surplus burgeon and its foreign exchange reserves soar.

China, already the world's largest holder of foreign exchange reserves, currently has reserves of more than $1.9 trillion. Its trade surplus in the first nine months of this year totaled nearly $181 billion.

Some Chinese experts have said there has also been a growing interest in seeking safety in yuan-denominated assets in the current global environment.

Wang said keeping China's economy on track would also be the country's greatest contribution to the world.

Wang praised China's trade ties with the United States, saying furthering the relationship is in the fundamental interests of both nations, Xinhua reported.