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Beijing's decision to ease credit controls aimed at reining in rising debt "is starting to yield results," said Hui.
Interest rates were cut for the second time in a month on October 8th, to 6.9%, and the government is expected soon to ease credit controls, especially for property.China's GDP growth slowed to an annual rate of a mere 10.1% in the second quarter of this year, from 12.6% a year earlier, and most economists expect it to drop to 8-9% in 2009.
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Malaysia's central bank acted yesterday to ease credit further and relax exchange controls in the derivatives market to extricate the economy from its first recession in 13 years.
This year the credit controls were imposed by a troubled banking system, which has been slow to respond to the Fed's efforts to ease credit.
This could cut interest rates and ease credit supply.
Doha will not repair housing markets or ease credit constraints.
Brussels has emphasised the need for governments to bring annual spending deficits under control as a prerequisite for extra support, while the ECB has set a high bar for further measures to ease credit and support borrowing.
The Fed calls its policy "credit easing" to emphasise that, though its policy rate is almost zero, it is using different channels to ease credit and boost spending.
First, China has already reduced interest rates three times in the last few months and eased some credit controls.
Amid fears of global recession, the Federal Reserve aggressively eased credit.
The problem is that the Fed's options, basically easing credit by various means, cannot by themselves turn things around.
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