China welcomes US financial rescue deal

BEIJING — China Saturday welcomed US lawmakers' approval of a 700-billion-dollar financial sector bailout plan, state media reported, quoting a central bank spokesman.

"We are glad to see the passage of the rescue bill by the House of Representatives and the Senate despite earlier twists and turns," the People's Bank of China spokesman was quoted as saying.

"The Chinese government has been closely following the developments of the US financial crisis and its impact," he said.

The official said Chinese authorities "hoped that it would be implemented as soon as possible and achieve positive results," Xinhua reported.

"China and the United States of America share common interests in stabilising a stable financial market," he said.

The US House of Representatives approved the revised 700-billion-dollar package Friday, on its second try, bowing to intense pressure to help avert a global economic meltdown.

The bill, which was quickly signed into law by President George W. Bush, marks the largest US government economic intervention since the 1930s Great Depression.

The bailout gives the US Treasury power to buy up toxic mortgage debt which has been choking the financial industry and would create a 700-billion dollar federal programme to buy bad assets from banks and other financial firms.


No comments: