China seeing 'gradual recovery'

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   China's economy is showing some signs of recovery from the global financial crisis, the country's Prime Minister Wen Jiabao has said.
   
   The economy is showing "positive changes" but still faces "very big difficulties", he said on the sidelines of Thailand's cancelled Asean summit.
   
   China has already implemented a 4tn yuan ($585bn;£399bn) stimulus package to boost economic activity.
   
   Mr Wen also said he would spend more if necessary to boost the economy.
   
   Despite its problems, China's economy - the third biggest in the world - is forecast to grow by at least 5% this year, in stark contrast to many major global economies that are shrinking.
   
   'Glimmers of hope'
   
   The economy showed "better than expected positive changes in the first quarter," Mr Wen said.
   
   Citing improved investment, consumption and trade figures, he said that some sectors of the economy "are in the process of gradual recovery".
   
   He added that while the global crisis was deepening, China had perhaps seen the worst of it.
   
   "As the crisis has not touched its bottom, we can hardly say that the Chinese economy alone has got out of the crisis."
   
   But he explained that China was prepared to implement further measures to ensure that the economy continued to stabilise: "What we should do is exert our utmost efforts to minimise the effects of the crisis."
   
   Mr Wen's comments come just days after President Barack Obama said he saw "glimmers of hope" in the US economy.
   
   On Sunday, the People's Bank of China, the country's central bank, also said it would ensure the financial system has sufficient liquidity for economic development.

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