Albemarle upbeat on China’s recovery track - executive

18 May 2009 05:13  [Source: ICIS news]

GUANGZHOU (ICIS news)--US specialty chemicals producer Albemarle is upbeat that its major market China is on the path to recovery with the help of the government’s massive fiscal stimulus, said its China managing director John Sun on Sunday.

“Unlike the US which is injecting funds to save its banks, the Chinese government is using its money to improve its infrastructure,” he said in Mandarin at the Cross-Strait Plastics Industry Summit 2009 in Guangzhou.

The Chinese government has started implementing a yuan (CNY)4,000bn fiscal stimulus package this year with some material results based on recent data, indicating that the economy is turning around according to analysts.

“For some of our products related to the transport sector, China now makes up around 22% of our businesses compared to just 5% last year,” said Sun.

China has a number of advantages against the US in terms of getting out of economic doldrums much faster, he said.

The country, which is the biggest emerging market in Asia, has more flexibility in its monetary policy and has a strong fiscal position to help boost domestic economic activities, the Albemarle executive added.

“In view of these factors, its is my opinion that the China will recover ahead of the US from the economic crisis,” said Sun.

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By: Ng Hun Wei
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