China welcomed the passage of the US$700 billion US financial rescue package over the weekend, as top officials insisted that the mainland’s economy is strong enough to withstand the impact of a global credit crisis, the Wall Street Journal reported. China’s central bank said in a statement Saturday that it was pleased the bill had passed, and that "China’s financial system is sound and safe." The bank, which holds US$1.8 trillion in foreign exchange reserves, also said it will "continue close communication and cooperation with other central banks and international financial organizations, and work together to weather the financial crisis." The bank also cited Premier Wen Jiabao as saying, "Our economic fundamentals haven’t changed, and the economy is moving in the direction we expected." China’s stock markets open today after being closed last week for the National Day holiday.
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