China confident of financial market stability

Xinhua reported that China is confident and capable of maintaining a stable financial market amid world industry turmoil.

Mr Su Ning deputy governor of the People's Bank of China said that the overall operation of China's financial market is stable while the banking system has relatively abundant liquidity. He said that the turbulence on the international market aggravated risks faced by China's financial sector, but a vast domestic market and internal economic vitality would empower the country to tackle various challenges.

He added that domestic consumption has contributed more to economic growth than before, while natural disasters and global economic troubles have not changed the fundamentals of the world's fastest expanding economy.

Official figures show in the first eight months, China's retail sales of consumer goods surged 21.9%YoY.

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