Chinese officials voice faith in economy and keep interest rates steady as forecasts darken

By ELAINE KURTENBACH
AP Business Writer

Leading Chinese planners have voiced confidence in the outlook for the world’s second-largest economy, holding key interest rates steady amid signs of improvement in some areas such as services. The upbeat tone of officials speaking at a news conference on Wednesday in Beijing is in contrast to forecasts by the Asian Development Bank and the Organization for Economic Cooperation and Development. The two say weakness in the Chinese economy are expected to further dent global and regional growth. Cong Liang, vice chairman of China’s chief planning agency, said the country’s resilience during past crises was grounds for confidence and that improved factory output and tourism figures showed the economy was on the mend.