China,Early signs of economic recovery elate Wen
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Premier Wen Jiabao said that among early signs of recovery by the Chinese economy is a 20 percent rise in domestic consumption at the start of the Chinese Lunar New Year, compared to the same period last year.
”The signs are small ones but they give me hope,” he said at the sidelines of the World Economic Forum in Davos, Switzerland.
Experts, however said that although Chinese and Indian consumers appear to be going on a spending binge bucking the global trend, they cannot make up for the billions not being spent by shell-shocked American shoppers.
India’s Trade Minister Kamal Nath projected that the domestic consumption in his country is expected to grow by ”around seven percent” this year.
AGENCE FRANCE PRESSE
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