DAVOS, Switzerland (AP) - The Chinese economy is on pace this year to outdo last year's growth of 10.5 percent, an official with the Bank of China said Wednesday.
Zhu Min, group executive vice president of the Bank of China, said his country's domestic growth would be more balanced and that its expansion of foreign reserves would continue.
''China will have an even better year this year,'' he said. ''But the foreign reserves will keep piling up.''
Zhu said that bilateral talks between the U.S. and China with the goal of requiring his country to make its exchange rate more flexible have also focused on asking the U.S. to raise its own savings rate.
''It's much easier for China to make its exchange rate more flexible than for the U.S. to raise its savings,'' Zhu said.
He added that China was likely move slowly with any upward revaluation of the yuan, but also added that no U.S. policy action had been taken to increase savings, an issue considered by most economists as a part of the problem driving the U.S. trade deficit.
