Australian PM says China's growth strategy to continue

Australian Prime Minister Kevin Rudd said here on Thursday he believed Chinese economic growth - which has helped underpin the Australian economy - would continue over the longer term.

Rudd told a press conference that he had spoken to Chinese Premier Wen Jiabao in recent days and been reassured of the continuing strength in the Chinese economy.

"I note in particular a decision taken by China to reduce its interest rates by 27 basis points. This is important in terms of indicating China's long-term growth strategy," he told reporters today.

China cut its key interest rate by 27 basis points on Wednesday in a bid to shore up the economy in the midst of the global financial crisis.

"Following a conversation I had with Prime Minister Wen Jiabao ... it would appear to me to be confirming that China intends long term to accelerate its growth strategy into the future," Rudd said.

While China was marginally revising down its growth rate, Rudd said actions and statements from Beijing suggested China would "continue to accelerate the growth lever for itself".

Source: Xinhua