An article by People's Bank of China Governor Zhou Xiaochuan posted on the bank's website also said plans to shift from reliance on exports and toward domestic demand will make China a "stabilising force in the global economy."

"The macroeconomic measures have produced preliminary results and some leading indicators are pointing to recovery in economic growth, indicating that the rapid decline in growth has been curbed," the article said.

The report did not reveal to which data Zhou was referring.

China's economic growth slowed to 9.0 percent last year from 13.0 percent in 2007, as the global financial crisis has shrunk demand for its exports.

The World Bank has forecast 6.5 percent growth this year, which would be the lowest level in almost two decades.

In November, China's government announced a nearly 600-billion-dollar stimulus plan aimed at stoking domestic demand to make up for the export woes.

It also has since raised export tax rebates and announced sector-specific stimulus plans for a range of industries.

"Facts speak volumes and demonstrate that compared with other major economies the Chinese government has taken prompt, decisive and effective policy measures, demonstrating its superior system advantage when it comes to making vital policy decisions," Zhou wrote.

The measures will shift the economy toward more domestic demand, helping China to maintain stable growth and thus serve as a stabilising global force, he said.

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Beijing (AFP) May 1, 2009
China's manufacturing activity expanded in April to its highest level for a year, according to data released Friday, in an indication that the nation's economy might be showing signs of recovery.