February 23, 2014 / 10:19 AM / 5 years ago

China Finance Minister welcomes U.S. policy withdrawal: Xinhua

Chinese Minister of Finance Lou Jiwei smiles before the G20 finance ministers and central bank governors family photo during 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 19, 2013. REUTERS/Yuri Gripas

BEIJING (Reuters) - Attempts by the Federal Reserve to dial back its super-loose monetary policy are good for China because it shows the world’s largest economy is improving, China’s Finance Minister was quoted as saying on Sunday.

Lou Jiwei, in Sydney for a G20 meeting, told state news agency Xinhua the Fed’s withdrawal of its ultra-loose policy would create short-term liquidity problems in some fragile economies, but China would be unaffected.

Lou said China’s current focus was on generating high-quality economic growth, producing moderate price pressures while creating a relatively large number of jobs.

He said many officials at the G20 meeting held out hope that China could remain the future growth engine of the world economy, but that was not sustainable.

“I made it clear to everyone, growth rates like those in 2009 and 2010, when China contributed 50 percent of world economic growth, that is not sustainable,” Lou was quoted as saying.

Reporting by Koh Gui Qing; Editing by Ron Popeski

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