China's central banker says economy can hit growth target

Staff Writer
Columbus CEO

BEIJING (AP) — China's central bank governor has said the economy can hit its growth target and has no need to weaken its currency to boost exports.

Zhou Xiaochuan's comments Saturday add to a campaign by Beijing to reassure global financial markets about the stability of its cooling economy following stock market and currency turmoil.

The ruling Communist Party cut its growth target this year to 6.5 to 7 percent from last year's "about 7 percent."

At a news conference, Zhou said reforms will help to spur domestic demand, "so I believe we can realize these economic growth targets."

Zhou also tried to dispel fears Beijing might weaken its yuan to boost exports. He said Chinese manufacturers are very competitive, "and we don't have to resort to exchange rate measures" to support them.