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Financial crisis will deepen: vice-premier

(China Daily)
Updated: 2009-05-09 07:41

The global financial crisis is still spreading and the world economy is going to get worse before it gets better, Vice-Premier Wang Qishan said on Friday.

In an article about cooperation between China and Britain in the Financial Times newspaper, Wang wrote that the countries should take stronger measures to stimulate an early recovery of the global economy.

"To overcome the current difficulties, it is essential to convert confidence into credit in the market and quickly recover functions of the financial markets," he said.

China's $586 billion government stimulus package has produced initial results, Wang said, and there has been a "positive change" in the economy. "Things are better than previously expected," he wrote.